Everything You've Ever Wanted To Know About Malcolm Tan’s KingSwap Scam

Posted by Terrazas on April 22nd, 2021

Malcolm Tan Chun Chuen is a attorney who later turned into a serial entrepreneur who started lots of organizations. His target is to accumulate a wealth of 0 million net worth to ensure that he can retire adequately. Armed with a law education from the NUS, he worked well as a lawyer at the Keystone Law Corporation for some time. He found out that achieving his 0 million retirement objective is close to unattainable if he continues on to work for a salary, consequently he commenced to invest and develop various corporations. Our Space, a co-working office; FundedByMe.com, a crowdfunding program; Wine Bonanza, Museo, Phoenix Telecommunications, BlueSky Group and Gravitas Holdings are some of companies that he has set-up. Recently, he also began to venture into ICO / ITO consultancy and management services by setting up a corporate advisory firm. By the time of 2017, he has an estimated investment collection of million.The victim then come to realise that Malcolm's total business strategy of Zafro holdings is built upon making a profit through PIC incentives from customers. The victim did not sense it was moral as Malcolm Tan Chun Chuen was making an attempt to acquire a profit through Zafro holdings by scamming taxpayers' PIC funds. By the time the victim decided to take away from the investment and refund his k, Malcolm promised to do so. Even so, he kept delaying the payment till date. Victim is also informed that there are lots of others who were duped of their hard earned dollars by Malcolm Tan Chun Chuen. That's the purpose he has decided to come forward and lodge the police record in Singapore.From the publicly accessible court documents, we can now understand that on 28 August 2017, Kuek signed 2 letters of engagement with Keystone's letterhead and issued a 0,000 cheque to BlueSky Group (owned by Malcolm Tan Chun Chuen). The letters say that Kuek will be placing his investment with Keystone Group and Malcolm Tan will privately deal with the investments. Out of the investment sum, 0k was for guaranteed return of 12% per annum, while 0k was for a full-sum non-secured investment. In November 2017, Mr Kuek's sent a person to Keystone to acquire an update on the invested amount of money, however, Malcolm Tan declined that it had ever acquired any hard earned cash from him or performed any law services for Mr Kuek. Realizing that he has been fooled, Mr Kuek lodged a Law Society formal complaint in December 2017. The Law Society carried out a swift investigation and then put 7 charges against Malcolm Tan Chun Chuen. Malcolm was charged Malcolm Tan Chun Chuen for creating false representations to Mr Kuek and also making a struggle of interest in his situation as a lawyer. Malcolm completely denied all the accusations, stating that Mr Kuek is aware of his involvement in Bluesky. Secondly, that there was no clash because he was not carrying out some form of legal services to Mr Kuek. In June 2019, Malcolm Tan Chun Chuen tried to get the case shut by depositing 5k to Mr Kuek. The strategy failed, as the Law Society still found Malcolm Tan responsible on 3 charges.Malcolm Tan Chun Chuen scammed one other victim of bitcoin as lately as in December 2020. In the event, Malcolm Tan scammed the scam victim into sending him 12.14BTC worth 694k+ in USD. Right after receiving the 12.14 BTC to the bitcoin wallet address of Malcolm, 1CujfQcB8AxborFyqLnDZec6xVpD9dTqTi, he declined to transmit the money to the victim. The exchange arrangement occurred via whatsapp. To date, Malcolm just returned 0.157557 BTC to the victim. The victim is now taking legal steps and suing Malcolm Tan for his criminal breach of agreement.There is a close link between the scam actions of Malcolm Tan Chun Chuen and his legal agency Malcolm Tan Chambers LLC. In 2017, a victim from the CoAssets Group sued Malcolm Tan Chun Chuen for the losses of money scammed by Malcolm. Through the legal channel, the victim has managed to recovered all the cheated money. Malcolm Tan has made a decision to rename his legal agency to save his firm from the bad reputation in the market. What used to be called “Malcolm Tan Chambers LLC” is now called "Magna Law LLC" so that he can continue on with his fradulent activities. MAGNA LAW LLC is just one more way for Malcolm Tan Chun Chuen to scam more money out of gullible victims. Malcolm Tan Chun Chuen's MAGNA LAW LLC is recorded at Singapore Land Tower, 50 Raffles Place, Postal 048623, #19-03. The firm was created with a start up capital of SGD 10k, over 2 years ago. While the company provides lawful advisory professional services, Malcolm Tan Chambers LLC was renamed to Magna Law LLC to continue on supporting their biggest ponzi scheme, which is the KingSwap $KING crypto coin. If perhaps you check the social networking profiles, this KingSwap ponzi scam is still actively running and siphoning cash from investment victims.