Temasek denies link to Philippine investment platform Luckyshopping, calls it a “scam”

Singapore state investment firm Temasek has issued a statement denying any connection to the Philippines-based investment platform Luckyshopping.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.