The FCID in Liberia is investigating Yang Dan for allegedly defrauding Chinese investors of over US$6 million by falsely claiming authority to sell shares in Duke Global Investment Limited. Multiple investors have filed complaints against him, detailing significant financial misrepresentation and misappropriation of funds. Dan was arrested on March 7, 2025, and affected investors express hope for justice and restitution.
The Financial Crimes Investigation Division (FCID) of Liberia is currently investigating Chinese national Yang Dan for allegedly defrauding over US$6 million from Chinese investors. This investigation stems from a criminal complaint filed on March 4, 2025, by multiple investors, accusing Yang of deception involving share sales in Duke Global Investment Limited, a company registered in Liberia.
Yang Dan purportedly claimed to be the authorized shareholder of Duke Global, misrepresenting his authority to negotiate share sales and attract additional investments. While it was established that he was initially one of the incorporators of Duke Global with 37% ownership, he had never paid for these shares, resulting in a lack of legal right to sell them. This misrepresentation led to significant financial losses for the investors, who were duped into providing large sums of money.
Among the investors, notable amounts include Luo Wei, who allegedly paid RMB 17,200,000 (approximately US$2.37 million), and Chunmei Yin who contributed RMB 1,080,000 (about US$148,430). Additionally, various other amounts resulted in a total fraud amounting to US$4.58 million. The investigation revealed that Dan diverted these funds for personal use without the consent of other shareholders, further deepening the deceit.
The preliminary findings also uncovered that Dan misleadingly assured investors about having the authority to sell shares, including a supposed 22% equity offer to Luo Wei in exchange for RMB 13.5 million (approximately US$1.86 million). Furthermore, Dan and his associate, Liu Xiang, allegedly established a Hong Kong entity named Danwei Investment Limited to further perpetrate these fraudulent acts.
The scope of Dan’s fraudulent activities extended beyond Duke Global to involve negotiations with Shanghai Jinxin Network Technology Co., Ltd., where he falsely secured an investment for a joint venture under a fabricated agreement. The investors in a water production project were left disillusioned upon discovering the project was non-operational, leading to further financial losses.
Yang Dan was arrested on March 7, 2025, and is presently held by the Financial Crimes Division in Monrovia. The affected investors, led by spokesperson Luo Wei, expressed their continued hope in Liberia’s justice system, looking for either restitution or a significant prison sentence for Dan. Despite their setbacks, they remain optimistic about the progression of the stalled water project in Bomi County.
The ongoing investigation by the Financial Crimes Investigation Division into Yang Dan highlights significant allegations of fraud involving over US$6 million from Chinese investors. Dan’s misrepresentation of his authority within Duke Global has resulted in considerable financial losses for stakeholders. The case underscores the need for vigilance in investment dealings, particularly in cross-border contexts, while affected investors maintain faith in the judicial process for resolution.
Original Source: frontpageafricaonline.com
