February 20, 2006
Construction ‘president’ sought for $1.2M scam
Eight people in southern Japan forked over the equivalent of $1.27 million US to a man who promised huge returns involving fake $1 million bills and then disappeared with their money.
The eight, including three who have filed for personal bankruptcy because of the huge outlays in the scam, are considering filing a criminal complaint with police, the national daily Asahi Shimbun reported.
The unidentified investors first heard of the $1 million note from a 52-year-old construction material company president in early 2003, according to Asahi, citing several investors.
The president told them about a ‘rare’ $1 million bill that was for sale in Chengdu, China, and invited them to pool money to buy several such notes promising a return 10 times of their investment, the report said.
The investors were told that the U.S. government printed the bills in 1928 when Chiang Kai-shek was still in power in China to allow Americans to bring their assets back home, Asahi said.
The president showed them a thousand of the $1 million notes featuring a portrait of George Washington at a Tokyo hotel, according to Asahi. The investors were told the notes could be exchanged for smaller denominations in Hong Kong, but no exchange ever took place, it reported.
“We continued to fork over money because we were promised, ‘You’ll get several hundreds of millions of yen in three days,’ or ‘You’ll get that amount in a week,’” one investor was quoted as saying.
By last March, the eight had paid a total of about $1.27 million, but the company president said the bills would be exchanged by the end of April and he disappeared, according to the report.
Police in Kumamoto, 900 kilometres southwest of Tokyo, could not immediately comment on the report. The United States Treasury does not make $1 million bills. The largest U.S. denomination ever produced was $100,000 between 1934 and 1935, according to the Treasury.
|MOST POPULAR STORIES|
- PCL Constructors works on Humber River Regional Hospital in Toronto
- Tower Hill unveils 56-storey condo tower project
- Hundreds of workers to be out of work as Caterpillar Inc. is set to close Toronto factory
- OPG $1 billion proposal to bury nuclear waste up for comment
- London association withdraws from COCA
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 316 projects with a total value of $2,787,806,637 that Reed Construction Data Building Reports reported on Friday.
$90,000,000 Richmond Hill ON Prebid
$82,000,000 White River Twp ON Tenders
$40,650,000 Markham ON Prebid
- VIDEO: Competing in the trades
- Provinces need to loosen up apprenticeship rules
- Way Up on Westwood
- Building Up On Bayview
- Barrie Construction Association rolls with motorcycle ride for cancer
- Vimy Ridge memorial gets new visitor centre
- Minnesota Vikings unveil new multi-use stadium plan
- Proposed Ambassador Bridge twinning draws Windsor mayor’s ire
- Construction on pedestrian tunnel to Billy Bishop Airport continues to make progress
- Construction Site Arson
- Journal of Commerce Update for the week of May 20th, 2013
- Industry reacts to surprise B.C. Liberal majority
- Calgary Airport Tunnel
- Worker at centre of union sign up allegations speaks out
- Calgary program aims to get more people into the trades
- Midrise in the City
- Veterans battle barriers into the trades
- Government makes changes to online tendering
- SNC-Lavalin maintains that new bribery allegations have been resolved
- B.C. faces a tough battle for top talent
- Keyano College building state of the art training facility
- Essential skills can play a vital role in an apprentices' success
- Taking a closer look at the risks in green building for contractors
- Colleges conduct construction research in addition to teaching
- Skills Canada BC Competition
- Lower Mainland high school trades program is unique
- Construction Learning Forum aims to educate
- High schools looking for more industry participation
- Industrial construction supervisor program takes off
- Saskatchewan bill passed
- Edmonton garners support for regional cash for arena
- Feds pledge $5 million for Vimy memorial
|ALEX’S ECONOMICS BLOG|
Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
- An Overview of Prices and Sales in the Diverging U.S. and Canadian Housing Markets (April 25, 2013)
- Canada’s Precarious Dependence on the Commodity Price Super-Cycle (April 22, 2013)
- Twenty major upcoming residential and transportation terminal construction projects - April 2013 (April 15, 2013)