Germany's savers falling into swindlers' laps

Berlin

FED up with record-low interest rates, a growing number of Germany's avid savers are throwing caution to the wind and allowing themselves to be lured by funds offering unbelievable returns.

But for many, this has turned out to be a costly mistake.

Uwe Heyn, a 79-year-old retiree, was hooked when he was promised more than 150 per cent in returns over five years if he put his money into a fund that specialised in renovating dilapidated properties and selling them on for profit.

He ploughed 20,000 euros (S$30,463) into the fund, which turned o…