More than 22 people have lost $200,000 after CloudRetail reportedly went bust.When a woman saw an advertisement claiming that she could earn money from renting out vending machines, she thought it was a good investment opportunity.The 52-year-old, who is self-employed, told Shin Min Daily News that she signed a contract with a company named CloudRetail on Dec 4 last year.
When she enquired about the progress of her grant application in January, CloudRetail informed her that she had to wait. "I told them that if they didn't return my money I would take further action. I had no other choice, so I wrote the word 'scammer' on the door and sent a photo to them."Wang said she was asked to give a statement at the police station after the company made a police report.
When she tried to terminate her contract in February this year, she was told she would only get $7,000 back. However, she was not allowed to terminate the contract. According to the Accounting and Corporate Regulatory Authority's records, CloudRetail is a live company.Company allegedly defaulted on employee's CPF payments