Temasek has issued a warning about Lucky Shopping, an investment platform in the Philippines claiming to be a unit under the Singapore investment company.
Photo credit: Affinidi
This comes after a letter of apology – supposedly written by Temasek chief investment strategist Rohit Sipahimalani – made rounds online after members reportedly encountered payment issues at Lucky Shopping.
The document, however, falsely identified Sipahimalani as Temasek’s CEO and general manager. It also featured Temasek’s logo, prompting the global investment company to clear its name.
“Lucky Shopping does not belong to Temasek and is not related to Temasek in any way. The letter was not issued by Temasek or written by Sipahimalani. It is a fake,” said the company in a statement.
Portion of the contested letter / Photo credit: Temasek
While Lucky Shopping’s website is locked to members only, there are several Facebook pages and groups about Lucky Shopping featuring referral codes. According to one such post, Lucky Shopping allows users to earn from commissions of orders and purchases made with funds they invest into the platform.
Typical recruitment posts online would claim the platform is “the brand designated by Singapore’s Temasek to enter the Philippines” and that users can get around 100 pesos to 7,000 pesos (around US$2 to US$140) daily with an investment as low as roughly US$20.
A Facebook search reveals numerous groups being used for recruitment on the platform. (The blurred search result is an actual shop.)
“Temasek does not directly sell or market investment products or financial instruments in the Philippines or anywhere else,” Temasek stressed, noting that it did not authorize any third party to transact on its behalf.
Tech in Asia is currently trying to get Lucky Shopping’s response to Temasek’s warning, but the Philippine-based platform has no publicly available contact details as of writing.
Currency converted from Philippine peso to US dollar: US$1 = Php49.87.
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