Self-claimed wealth gurus who drove Lamborghinis now made bankrupt; investors worry about their S$5m

[SINGAPORE] They each drove Lamborghinis, wore expensive watches and ran schemes where they promised investors high returns for money put into their property deals and other businesses.

But just three years after self-styled wealth gurus Lim Jian Bin, 36, and Jason Fong Wai Hong, 46, separately told dozens of investors that they could earn them high dividends, the duo went silent.

Now, more than 50 investors are worried about the S$5 million (US$3.9 million) they have locked up in various investments.

Lim, who is also known by his online moniker Takeshi Lim, and Fong, were well-known figures on social media and at wealth seminars, where they promised followers guaranteed returns of up to 15 per cent each year.

Both men have since been declared bankrupt – Fong in April, and Lim in July. The Straits Times understands Fong travelled to Kuala Lumpur on a flight on Jun 21 and has not left Malaysia.

Worried investors have filed multiple police reports, with some wondering if they had been duped into a ponzi scheme.

The concerns come in the wake of an ST article published on Aug 19 about Lim, a former private-hire driver who had earlier claimed to have investments in over 500 vending machines and commercial properties.

Dozens of investors said they had placed about S$4 million in Lim’s various schemes. After the article was published, other investors contacted ST, saying they too were owed money from their investments with Lim.

A separate group of investors also reached out after they found Lim’s deal bore some resemblance to Fong’s property scheme.

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Both men had allegedly convinced investors to put money into commercial property deals.

In Fong’s case, seven investors said they had put up S$390,000 towards a property in Telok Blangah Heights.

The 134 square metre (sq m) property, which is running an unmanned laundromat, promised high returns, investor Jeff Lean said.

The 58-year-old added: “Fong agreed to pay me yearly dividends of 15 per cent on my S$50,000 investment with them. He paid me on time for the first two years beginning in 2023.”

Lean, a retiree, got to know Fong at a financial wealth seminar in 2022. Fong subsequently reached out to Lean about a collaboration which required a financial contribution.

Lean said the dividends dried up in 2025, and in September that year, Fong left the group’s WhatsApp chat after investors pressed him on unpaid dividends.

Matthew Chua said he and a friend signed a contract for the same property in March 2022 with J + F, a firm where Fong is a director and a 100 per cent shareholder.

They had invested S$50,000 in total in the property.

Said Chua, 50, a real estate agent: “Jason was supposed to pay us dividends... We tried to contact Jason Fong several times and he hasn’t replied nor responded to our requests to return our original investments.”

A signed agreement seen by ST stated that Fong’s company would have to pay Chua and his friend dividends once a year over a period of four years. Fong paid dividends only in March 2023 and March 2024.

A police report seen by ST showed that several investors had placed S$100,000 each in the same property.

While Lim had offered between 5 per cent and 10 per cent dividend payments for his vending machine and industrial property investments, Fong promised 15 per cent dividend payments.

Business partners

In WhatsApp chat messages saved by investors, Lim described Fong as his mentor.

The pair were partners in a Korean facial treatment franchise in April 2023, when they were congratulated by a well-known local chef on Facebook.

Lim described Fong and his wife as “brother and sister” on his Facebook page. In August 2023, Fong and Lim attended a wealth management seminar together.

While Lim was more flashy, Fong preferred to keep a low profile. But both men loved their loud Lamborghini super cars – Fong had one in yellow and Lim’s was blue.

They even drove up for a car meet in Kuala Lumpur in November 2023.

Checks on corporate intelligence platform Sayari showed that as at 2026, Fong is a director and shareholder of six businesses dealing in consultancy services, retail and fitness centres.

When the funds dried up, and after he was declared bankrupt, Lim sent out messages to his investors and apologised to them.

But Fong said nothing after September 2025. Instead, he left it to his former wife, who took over one of his firms, to explain to investors.

In text messages seen by ST, she assured investors of the Telok Blangah Heights property that their money would be returned. She also asked for “more time” to deal with the matter.

In one WhatsApp chat, she told an investor: “He’s (Fong) totally not responding to my calls and messages... I hope you understand my concerns. I’m doing my best to source for funds to return to investors.”

She told the investor she did not know Fong’s whereabouts.

ST visited two of Fong’s offices – a retail unit at A’posh Bizhub in Yishun and a fitness centre business in Northstar @ AMK. Both offices were closed and did not have any business signs at the door.

Attempts to reach Fong and his former wife have been unsuccessful.

Police said investigations into both cases are ongoing. THE STRAITS TIMES