A Singaporean man has been sentenced to more than seven years in prison for masterminding a fraudulent wine investment scheme that defrauded investors of over SGD 12.6 million (US$ 9.86 million), authorities said.
Eldric Ko, 51, the former president of Premium Liquid Assets (PLASG), was sentenced to seven years and two months in jail on multiple charges, including criminal breach of trust and dealing with criminal proceeds. He was arrested in May last year after evading authorities for 13 years.
As previously reported by Vino Joy News, between February 2007 and June 2011, Singapore-based Premium Liquid Assets launched an “en primeur investment scheme,” promising investors that it would store wine in overseas warehouses after bottling. In reality, no such purchases were made. Prosecutors revealed that Ko and Koo never actually procured the wines; instead, they illegally diverted the investment funds for personal use, misappropriating a total of SGD 12.67 million (approximately USD 9.86 million), most of which went directly into their own pockets.
The trial also uncovered further details. Premium Liquid Assets was founded in October 2005 by Ko, now 51, and Koo Han Jet, both Singaporean citizens. Initially, the company was engaged in selling and brokering fine wines. However, after operating the business for a few years, Ko realised that PLASG was selling more wine than what the company could purchase, partly due to slim margins and high rental.
Faced with mounting debt, the pair hatched the en primeur investment scheme in 2008, luring investors with promises of selling en primeur wines. To cover their tracks, Ko set up a shell company—Grand Millesimes Limited (GML)—in the British Virgin Islands in 2008. GML issued fake invoices as a fictitious wine supplier, and Ko transferred investor funds from PLASG’s accounts to GML’s Swiss accounts. The funds were then funneled into third-party accounts to avoid detection.
According to prosecutors, between February and October 2009, Ko misappropriated more than SGD 10 million in investor funds. He distributed illicit proceeds to Koo via underground remittance channels and in cash. The two split approximately SGD 8 million privately.
Although court documents did not specify exactly how the case came to light, Singapore police began receiving reports related to PLASG starting in May 2011, eventually totaling over 240 complaints. Just as police were preparing to launch an investigation, Koo left the country on May 3, 2011, and Ko followed 25 days later. Authorities had emailed Ko requesting his return to cooperate with investigations, but he did not respond. His Swiss bank account was closed by November 2011.
This development aligns with earlier reports by Vino Joy News. In June 2011, PLASG’s Hong Kong office abruptly shut down, and its local head disappeared. Eleven employees were left with unpaid wages totalling nearly HKD 600,000, and more than 400 investors filed police reports. Even celebrity feng shui master Peter So Man Fung was among the victims. Investigations later confirmed that Koo Han Jet had been heading the Hong Kong operations.
In May 2024, Eldric Ko returned to Singapore and was arrested by authorities. The reason for his return was not disclosed in court documents. During the trial, Ko pleaded guilty to one count of criminal breach of trust and two counts of dealing with criminal proceeds. An additional 12 charges, including fraud, were taken into consideration during sentencing.
The prosecution identified Ko as the mastermind of the scheme, emphasizing that the fraud was premeditated from the start. He created a complex structure to conceal illegal activities, causing widespread and severe harm to a large number of victims. His 13-year flight from justice was also considered an aggravating factor in sentencing.
As of now, Koo Han Jet still remains at large, and more than 200 investors are believed to have been defrauded. None of the victims have received compensation to date.
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