Temasek issued the statement after it received information that the platform, which approaches individuals to invest money, has claimed to be a company under Temasek. Luckyshopping also sent users a letter with the Temasek logo and purportedly signed by Rohit Sipahimalani, a Temasek executive.
“This is a scam. Luckyshopping does not belong to Temasek and is not related to Temasek in any way,” the Singapore investment major said. It also clarified that the letter was not issued by Temasek nor written by Sipahimalani.
“It is a fake,” Temasek said.
Based on information available online, Luckyshopping allows users to download its app and register online. It then requires users to invest a certain amount with a promise of regular payouts based on orders and purchases made through the funds.
As of Monday afternoon, the platform’s website, luckyshopping.com.ph, was no longer accessible.
Luckyshopping’s letter, circulated online, claims that it started operations in the Philippines in January 2021. Titled “Letter of apology to the users of Luckshopping”, the letter sought to appease investors after reports on the company’s mishandling of funds.
It also claimed that Temasek “will also make a larger round of investment in Luckyshopping in the Philippines.”
Temasek urged Luckyshopping’s investors to report to the authorities.
“If you have relied on this fake letter to make investments or purchases, we recommend you report the matter to your local police authorities. Temasek does not assume or accept responsibility for any transactions done in its name that are not mandated by specific authority,” the Singapore state investment firm said.