The latest information which we have got, the offer letter which was retracted back in the end. It was for a total sum of 43M. However, because Tan did not fulfill his promised to send the instrument this offer letter was in the end held back by the bank.
It seems that Tan have concocted an elaborate scheme to pull this off and in the end make others lose millions of dollars. And it all started from a simple TDD (Time Demand Draft) from Barclays made out to his name for a sum of 5 million dollars. We are all wondering if the payee of the instrument is paying a sum of say 500K USD shouldn’t the beneficiary of the demand draft be made out to the payee or applicant instead of Tan.
The 43M offer letter was pegged to an SBLC and not the TDD, somehow the scheme have gotten bigger and more elaborate that it snowball into an SBLC instead. Which was supposed to be made to Coastal Asia Holdings Pte Ltd a company under Tan’s name. He somehow manages to get innocents believing in his project, requesting them to provide him with funds for him to complete the project. All those money we believe have gone to down the drain as his papers are all leased and none of it belongs to him.
This maybe one of the reasons which why the bank did not receive the instrument as it was a leased paper. Which was en-routed into some place else and it did not reached the said Bank.
And since he required payment of fees in advance to move this papers. This could very much be term as Advance fee Fraud as well.