A 72-year-old woman is suing the United Overseas Bank (UOB) and a ex-relationship manager for causing her a loss in investment which total up to $1.15 million.
The woman accused the relationship manager of deceiving her in believing that her money was put into investment managed by UOB. However, it wasn’t the case as it appears to be an unsecured loan to Broadwell, a company that is incorporated in British Virgin Island.
The pair met each other at a dinner event back in 2018, during the dinner the ex-relationship manager to the woman that he has an opportunity for investment. Knowing that the man was a relationship manager with UOB, she decided to invest a total of $1.75 million with him.
The relationship manager later went uncontactable, it was only found that the man was dismissed by UOB after her son contacted the bank. The bank also told them that they are not the only victim that had suffered the same loss.
Apparently, the investment that the woman made was not a product that belongs to the bank.