Crowdfunding firm sold S$6.9m sham invoices

Singapore

A S$7 MILLION hit on a Singapore crowdfunding site may serve as a timely cautionary tale to the nascent industry of the high risks that can come with fast growth.

Capital Springboard (CS), which claims to have crowdfunded enough invoices to outdo any other crowdfunding platform here - its website puts the figure at S$183 million - discovered last year that it had sold S$6.9 million worth of fake invoices to investors, all from a single SME (small and medium-sized enterprise).