By Precious D. Freeman
A 39-year-old Chinese national, Yang Dan, has been arrested and charged with defrauding eight individuals of over $4 million through a fraudulent investment scheme.
Yang was taken into custody on March 17 in Po River, Bomi County, by the Liberia National Financial Crime Investigation Division (LNCFID).
According to the LNCFID, the victims — including private individuals and the Duke Global Investment Company — filed a formal complaint accusing Yang Dan of misrepresenting his authority within the company and illegally collecting funds.
The total amount allegedly defrauded stands at $4,581,031.85. The funds were transferred from the victims’ accounts to Yang’s personal account in China under the pretense of investments in Duke Global Investment Limited.
Yang, who holds a 37% stake in Duke Global Investment Limited, allegedly misled investors by falsely claiming he was authorized to attract new funding.
Investigators say the funds, which included payments in Chinese Yuan, were transferred without the knowledge or consent of other company shareholders.
During questioning, Yang Dan was informed of his legal rights but chose to remain silent.
He has been charged with theft of property, a violation under Liberia’s revised Penal Law. The case has been forwarded to court, where Yang is expected to face trial in the coming days.
Authorities have urged other potential victims to come forward and assist in the ongoing investigation.
