2 Wealth Gurus Went Bankrupt: 50 Victims Have Over RM15 Million Locked Up

More than 50 investors are facing potentially heavy losses after two Singapore men who presented themselves as successful financial figures were declared bankrupt, leaving about S$5 million tied up in investment schemes that promised returns as high as 15% a year.

Lim Jian Bin, 36, and Jason Fong Wai Hong, 46, spent years cultivating an image of business success while promoting investment opportunities through social media, wealth seminars and personal contacts. Their public image included Lamborghini cars and luxury watches, details that helped reinforce the impression of financial prosperity among prospective investors.

That image has since been followed by a far more damaging reality. Fong was declared bankrupt in April 2026, while Lim was declared bankrupt in July. Several investors have filed police reports, while others are now trying to determine whether any meaningful portion of their money can be recovered.

Lim promoted one of the ventures as an opportunity capable of generating annual returns between 5% and 10%. More than 40 investors reportedly committed as much as S$4 million to the business over a period of about three years beginning in 2023.

For some investors, the arrangement initially appeared to work. A financial adviser who invested S$484,300, with more than half of that amount funded through bank loans, said returns were initially received on time before becoming increasingly delayed and eventually stopping. About S$196,000 remained tied to the business.

The deterioration became more apparent after Lim was declared bankrupt. He reportedly told some investors that harassment and business sabotage had contributed to the collapse, while apologising to at least one investor and expressing shame over the situation. By July, the financial adviser said he was unable to contact Lim.

Property investments promoted by the two men also attracted substantial sums. Lim reportedly offered investors 5% annual interest on industrial property arrangements over three years. Fong separately introduced investors to a 134 square metre property at Telok Blangah Heights, where an unmanned laundromat operates.

Seven investors said they collectively put S$390,000 into that property. One investor contributed S$50,000 after meeting Fong through a wealth seminar and was promised annual dividends of 15%. The payments reportedly arrived on schedule for the first two years before problems emerged.

By 2025, investors were pressing Fong over unpaid dividends. He subsequently left the relevant WhatsApp group, while his former wife, who had taken over one of his companies, reportedly assured investors that their money would be returned and asked for more time. Police investigations into the cases remain ongoing.

For Malaysian investors, the Singapore cases carry an obvious warning. Cross border investment opportunities, wealth seminars and social media promotions can make schemes appear more established than they really are, particularly when promised returns significantly exceed ordinary market expectations. Investors in Malaysia should independently verify the people and businesses behind an opportunity, examine where funds are actually being invested and remain cautious when confidence appears to be built more heavily around lifestyle than transparent financial information.