Investigation Launched Against Yang Dan for Alleged Fraud in Liberia

The Financial Crimes Investigation Division in Liberia is investigating Yang Dan, a Chinese national, for allegedly defrauding over US$6 million from Chinese investors through misrepresentation involving shares in Duke Global Investment Limited. A criminal complaint was filed by several investors who accuse Dan of deceiving them into investing in shares he did not own. Daniel was arrested on March 7, 2025, and the investors remain hopeful for justice and restitution.

The Financial Crimes Investigation Division (FCID) in Liberia has initiated an investigation into Chinese national Yang Dan for allegedly defrauding over US$6 million from a group of investors. The investigation centers on complaints filed against Dan, who allegedly misrepresented his authority to sell shares in Duke Global Investment Limited, a corporation established in Liberia. In a criminal complaint dated March 4, 2025, several investors accused Dan of misleading them into investing in shares he did not possess.

The accusers, including Luo Wei, Bingli I. Guo, Chunmei Yin, Hong Yin, Wei Jing, and Lijun Ding, alleged that Dan falsely presented himself as the authorized representative of Duke Global. He purportedly claimed he could negotiate and sell shares to facilitate the company’s expansion into sectors like mining and rice importation. However, it emerged that Dan lacked the necessary authorization from Duke Global and its shareholders, undermining any legitimacy to his claims.

Recordings from the investigation indicate Yang Dan originally owned 37% of Duke Global’s shares but had never financially settled these shares, thereby nullifying his right to sell or distribute them. Despite this, he allegedly manipulated the perception of his authority, which allowed him to misappropriate substantial sums for his own benefit.

Evidence gathered by Verity Investigation reveals the total amount defrauded from investors exceeded US$4.58 million. For instance, Luo Wei reportedly transferred RMB 17,200,000 (about US$2.37 million) to Dan, while other notable investments included RMB 1,080,000 from Chunmei Yin and RMB 2,000,000 each from Hong Yin and Jing Wei. Investor funds were allegedly used personally by Dan rather than for legitimate company transactions.

Duke Global was officially incorporated on December 8, 2023, with Sekou A. M. Dukuly, the Managing Director of the National Port Authority, holding the majority stake at 43%. The investigation has unearthed that Dan provided false assurances to potential investors regarding significant stakes in Duke Global, including a promise to Luo Wei of 22% equity for a RMB 13.5 million investment.

Dan’s fraudulent activities extended beyond local practices as he established Danwei Investment Limited in Hong Kong, falsely assuring investors about returns on their investments in Duke Global. Furthermore, he misled investors about a joint venture involving Shanghai Jinxin Network Technology Co., Ltd., claiming authority in these dealings which he did not possess.

In relation to a proposed water production plant in Liberia, Dan lured investors Hong Yin and Jing Wei with promises of high returns, only for them to discover upon arrival that the project was non-existent. Following these revelations, Yang Dan was apprehended on March 7, 2025, and is presently held by the Financial Crimes Division in Monrovia.

Representing the affected investors, spokesperson Luo Wei conveyed optimism in Liberia’s legal system, anticipating either restitution of their investments or a substantial prison sentence for Dan due to the significant delays inflicted on the water plant project development in Bomi County. Despite these challenges, investors remain hopeful for the project’s advancement through potential restitution or alternative methods.

In summary, the investigation by Liberia’s Financial Crimes Investigation Division represents a significant case involving alleged fraud by Yang Dan against numerous Chinese investors. Dan’s deceitful practices included misrepresenting his authority to sell shares in Duke Global, which led to substantial financial losses for the investors. Arrested on March 7, 2025, Dan now awaits legal proceedings while the investors express their trust in the justice system for recovery or resolution. The case underscores the importance of transparency and due diligence in investment practices.

Original Source: frontpageafricaonline.com