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Debt recovery Case Study #006: Failed Business Scam A client approached JMS Rogers to collect debt from a “failed business” that was run by him and his ex-business partner. Our client had entered into a business venture with a friend who dabbled in retail online sales. They had numerous internal business meetings and decided to invest the sum of SGD$50,000 each into the business for start-up costs, product acquisition, sales and marketing expenses and website development. Our client was told by the partner to make the transfer to a personal bank account held by the partner and once the company was set up, the funds will be transferred into the company bank account to a total sum of SGD$100,000 from both parties. The transfer was made and operations were to begin. Over the next few months, nothing transpired and when our client asked about the progress, the partner kept giving reasons as to why there was a delay. It ranged from website development delays, to not being able to source for good retail products. When our client asked about the SGD$50,000 he was continuously told that it was being used properly for business expenses and purchases to get the company moving. Eventually, after almost 8 months of no results, our client demanded to know where the money was, and wanted to exit the partnership. He asked the partner to show him the receipts for the costs incurred and the purchases made, and he would accept that as a business loss from the failed venture. Our client was also under the impression that there would be some money left from his SGD$50,000. To his dismay, the partner told him that there were no receipts as these were purchases and costs incurred from vendors that worked on cash term basis and no receipts were given. This immediately did not sound correct to our client and our client demanded to be shown proof or he wants his money back. The partner told him that it was not possible as there was no money left and this was a failed business venture. So both of them had to bear the losses. The partner even had proof in WhatsApp conversations that the money transferred by our client was for business expenses. Our client was devastated and had sleepless nights due to the loss, but always had the feeling that he was being cheated. It was then that he approached us. Through the course of our investigations and engagement with the partner as a debtor, we discovered that the partner had not used the money for business expenses, but rather for his personal expenses. There were no business expenses incurred at all. JMS Rogers then proceeded to demand payment for the fraudulent activity, and over the course of 3 months, the debt was cleared in full. What can we learn from this: Ensure all paperwork is done for accountability of funds for any business venture that you enter into. Always demand to have proper oversight and authority for the utilisation of funds in any business partnership. Read more : https://www.jmsrogers.com/