Singapore wine investment scam: Man jailed for siphoning $12.7 million
A Singaporean businessman, Eldric Ko, was sentenced to seven years and two months in prison for orchestrating a fraudulent wine investment scheme that defrauded over 200 investors of S$17 million (approximately US$12.67 million) between 2008 and 2011.
Eldric Ko, 51, founder of Premium Liquid Assets (PLASG), misappropriated approximately $12.67 million through a fake wine investment scheme launched with alleged accomplice Koo Han Jet, who remains at large after fleeing Singapore in 2011.
The fraudulent scheme, known as “En Primeur” (EP), falsely promised investors ownership of premium wines supposedly sourced from French suppliers. However, no such wines were ever procured. Instead, Ko and Koo funnelled investor funds through a shell company, Grand Millesimes Limited (GML), incorporated in the British Virgin Islands, with fake invoices to simulate transactions.
A report by Straits Times indicated that Ko laundered funds through a Swiss bank account and later into a third account in Singapore, deliberately layering transfers to avoid detection. Court documents revealed he kept S$8 million for personal use and distributed Koo’s share through underground channels and cash payments.
More than 240 police reports were filed from May 2011, leading to an investigation. Both men left Singapore that same month. Ko’s Swiss account was closed later that year, and he remained abroad until his arrest in May 2024 upon returning to Singapore. No restitution has been made.
Ko pleaded guilty to one count of criminal breach of trust involving over $10 million and two counts of dealing with criminal proceeds. Twelve other charges were considered in sentencing.
