In a District Court hearing yesterday, CAD reported that their investigation against land banking company Profitable Plots was still ongoing. Deputy Public Prosecutor (DPP) Christopher Ong added that CAD’s investigations would probably be concluded within six months. Investigations first started in August 2010.
229 complaints involving more than $20 million worth of investments have been made to CAD against Profitable Plots.
District Judge Roy Neighbour granted the Public Prosecutor and the CAD a further four months for them to freeze the accounts (with about S$55k) and complete investigations.
A few months ago, the High Court had allowed for more than $200k from the bank account of Profitable Plots to be released in order to pay the for salary of their staff.
CAD’s Profitable Plots probe reaches advanced stage (ChannelNewsAsia)