Macau | Number of people affected in Isabel Chiang scam rises to 30

The number of people affected in an ongoing loan scam allegedly led by businesswoman Isabel Chiang has now risen to 30, according to a release by the Judiciary Police

Kou Fu Real Estate

Macau (MNA) – The number of people affected in the Isabel Chiang (鄭月娜) scam is now a total of 30, according to a release by the Judiciary Police (PJ), which also notes that the victims had reported they had taken part in the fraudulent scheme from February 2011 to September 2018.

The scam, which also allegedly involves businessman and former legislator Chan Meng Kam, now involves an amount of HK$170 million (US$21.7 million) according to latest figures reported by TDM Radio Chinese.

Chan had allegedly told Chinese media that he had lost MOP96 million, although he had not registered a complaint to the PJ, and as such, this was not counted in with the HK$170 million lost.

Chiang had promised her victims high returns if they had loaned money to an investment project.

One victim from Hong Kong had lost a total HK$2.5 million.

Isabel Chiang is CEO of Kou Fu Real Estate, according to a report in Macao Daily which also indicated the businesswoman had invested over MOP100 million to develop the area around Rua dos Ervanario since 2015, buying shops in Rua da Nossa Senhora do Amparo and Patio de Chon Sou, and offering tenants free rent if they would take part in the investment project.

Ip Sio Kai, the head of Bank of China (Macau) had indicated to media on the sidelines of a meeting that the bank had no awareness of the issue and had implemented fraud prevention controls to deal with fraudulent transactions, but also cautioned that customers had to ensure they were rational when choosing to invest money.

Chiang has since left Macau, according to her nephew, Cheang Ka Hang (鄭嘉恆) who is the CEO of Ana Chiang Group Limited, a company he founded together with his aunt.

According to Cheang, his aunt is no longer a shareholder of the group but is a landlord of 14 shops in the area connected to the company.