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It is not difficult to question the integrity of the company simply by googling "Australian Wine Index Scam" amidst a growing list of high profile fraud cases happening in Singapore such as Assets Wine Management(AWM), Universal Asset Group (UAG), which has left thousands of investors stranded. Australian Wine Index executed a very clever investment scam usually comprising of three stages. Stage one involves targetting the greed. This is done through enticing unwitting buyer into committing large sum of money into buying wines, promising exaggerated yield and guaranteed returns in 3 years time. Unknown to buyers, these wine were sold at way above market price. The company will then prey on the investor's impatience to wait 3 years for maturity by scamming them the second time. This involves tricking the buyer into buying more wines usually with claims that these wines takes less than a year to sell as compared to the earlier ones. The tactic has successfully created thousands of small investors holding on to tiny portfolios of 1 or 2 wines with no way of exit which is naturally so, given that the wines were bought way above market. Final phase of the "Triple Whammy" involves fear. The fear of losing an opportunity to exit. The shanghai auction completes the hat-trick in scamming investors a third time into parting with their money for fear of not be given a chance to enter for the auction.
The complaint has been investigated and resolved to the customer’s satisfaction.
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So far anyone got any sales of their portfolio (even partially) through AWI?
Hi people, they are definitely scamming our money. I didn't took up the membership fee($3k). I decided to withdraw my wine from CWT. Thankfully they are all there. Sold my wine myself. Now I can sleep well at night. While I am paying for the withdrawal, they are still scamming new clients. What a shame...
Any tips on how to seel the wine by ourselves?
Hi Rx Wu, how did you sell your wine? I was recently approached by AWI under the pretext of The Bottled Wine Holdings and was asked to sign a contract for $6K to sell my wine. Fortunately I read these post as I am suppose to get back to them tomorrow. Anyone any advise?
Hi, I 'invested' 10 years ago and was recently asked to pay a 'membership fee' to sell my wines, and not quite believing their latest 'story'. I tried to contact the HK Auction house today but the email bounces back, anyway the only auction was >6 months ago, so query if it's going to be regular like they say. The current tactics sound so similar to the sales tactics used before. Yes I would say it's a SCAM - don't sign up, warn your friends, they are BS artists. GAP
Dear friends, all of us invested in AWI with our hard earned money. We all are frustrated by the way we are treated by those in office with all their empty promise and hope. I have written before to Commercial Crime Affairs Department, they can only investigate if there is an element of cheating. Obviously all of us here cheated by them with empty promises. If you guys seriously wanted to get your money back, please go personally there and lodge your report with all the prove. When there is enough numbers, they will definitely initiate an investigation. Do not wait, i've done my part. Please do yours so all of us can get our money back.
To all angry victims, I also bought the wines about 5 years ago after pestering from one of the sales persons by the name of Alvin. He promised me that it can be sold on the 3rd year at good profit. Now already 5th year, they still didn’t sell and now asked me to pay few thousands to just help me to sell my wine. If they can’t sell in 3 years, what makes you think they can sell within a year? If I refuse to pay, they will either force me to take out the wine, pay all the taxes and other costs amounting to a few thousand dollars, or risked being confiscated. This is crap as I believe they will be doing the same to others as well soon. I’m gathering other victims to lodge Police report. Mass report in the same Police station will be effective. Any other reader can contact me at rtsw169@gmail.com.
I beg to differ, police report not going to help. There
is no crime committed here. The only way is to complaint to relevant
authority which i posted earlier. Commercial Crime Affairs Department.
They have a department for commercial fraud. Go there and lodge
your complaints.
So u have lodged report at CAD? Any outcome yet?
Oh sharks! I just signed the acquisition form this evening but didn't pay. How do I get myself out of this without getting myself into trouble? Please advise.
CAD officer told me that they can only initiate an investigation
if there is an element of cheating. If all the people here lodge the complaint
against AWI, there is a hope for everyone . To all my dear friends, waste no time. Please
bring all the relevant documents and prove . AWI must be brought to justice for the pain and
mental stress we all going through for their wrong doing . Don't wait
and see, take action NOW...
We are forming a team who going for legal action, for those who affected AWI victims do join us.. We be having a meeting sometime end of this mt. Kindly report police and bring your reports like this.. BTW after i made this report. AWI call me and told me they want to buy my wines and close my account.. I have gotten some $ back now.
For those really want to get back your $.
my email. jamestrack1@gmail.com
I am also a victim of the AWI scam. They have recently contacted me to put in more money to sell my wine which is ###. I see that some of you have withdrawn the wine from AWI. Can someone please share the process of getting the wine out of AWI. Thanks alot for that.
Hey guy, i also wish to know how to withdraw and sell off the wine.
Folks after i loge a police reports on them, AWI call me up to tell me they want to buy my wines and close my accounts !, the cheque is clear but i only get back 80% of the money i invested.. Hope this will give you guys an idea what you should do. My email is jamestrack@ymail.com. Should any 1 need to PM me.
Hey guys, can anyone advise on how do we withdraw it and find our own storage or sell it our self? These scammers like everyone above try to lure me into signing a fee for the sale when I refuse to pay up they sent abusive messages and try to force me to pay and reject the agreement they try to force me to withdraw and pay the taxes...All they want is to keep asking for more $...Anyone have the experience and contact? my email is owenzq82@gmail.com
Folks i been gathering people who dad reported police or CAD or any authorthies, if you are 1 of them pls give me a email, we'll having major gathering on Legal pursuit/ action from there.
Sorry this is only for those who are keen on going legal.. On that day all who turn up need to show police reports and AWI document . This is to screen up AWI insiders. Believe or not i have recover 80% of my investment . Check out another sites which i made post on AWI.
https://www.facebook.com/pages/why-wont-Australian-Wine-Index-Singapore-try-to-sell-my-wines/111957718835318
Anyone received call from EBS holdings? They are offering 30% premium over the price paid. Not certain if this is yet another scam
Hey guys, on 28 June 2014 me and my fiance visited their new office in Indonesia located at Plaza Indonesia office building 45th floor. One of their broker a Spanish guy introduced their business to us, his name is Erick and also his boss Jack (I don't remember his full name maybe Jack Brown). They just opened their new office in Indonesia as the representative office of The Bottled Wealth Holdings Pte Ltd from Singapore.
The business scheme is still the same, they will purchase our wine in Australia and ship it to warehouse in Singapore and in the end they will sell though the auction in China/Hong Kong. They pushed us to invest S$ 5.000 and promised will give the 18% profit to us within 4 months, we decided to give them S$ 1.000 and settle the full payment on 4 July 2014. Thank GOD I found this web, I will withdraw our advance payment immediately.
Please give us comment or advise for this matters. Thanks
After getting into this scam for 3 yrs, AWI is trying to sell me a "SALES CONTRACT" now asking me to pay them 15% upfront to help me sell off my wine else i have to withdraw my wine. What ### man. I know of ppl getting into this sales contract and it's another one of their trick. AWI need to be taught a lesson.
1st they shifted the wine without our consent and now trying to cheat us again. Clearly stated in the sales agreement that our consent required yet this. I'll make sure they know they mess with the wrong guy.
Anyone here already has a case with CAD?
maleficent, my opinion is withdraw immed. spend ur $$ go vacation better lol
jamestrack@ymail.com...like your move. i will make report as well. Bernard
I'm also a victim of AWI. Just contacted them and this Robert guy asked to see face to face. How should I get out of it. I have not paid any single $ for the storage. Invested in year 2008.
What you are all failing to realize is that AWI was sold. The new company, The Bottled Wealth, has no legal obligation to all of you in any way what-so-ever. The fact that they are taking steps to assist you in selling you wine in storage is admirable. Someone needed to pay the storage fees for this wine.. this is not free. I would contact them face to face to have your problems resolved.
Bernard, I agree with you. I went with a group of victims to AWI office today and met the CEO. He offered us a trading contract, most likely same as your sales contract, two options but different terms. Option 1: no need upfront, sell locally but will lose money, btw 10%-30% depending on your wine portfolio. They promised to sell in short time for small portfolio. Option 2: pay upfront 10%, sell overseas at market value which means won't lose money. You see, they are offering different percentage. Obviously they are inconsistent in policy, suspect sales persons earning 'dirty' money. He said will send the trading contract to us next Monday. I will see what's their offer but suspect it's another scam. If they ### again, I am thinking of making it big to media, I have friends work in media in Singapore and Malaysia. I will also consider filing case and CAD because they moved my wines without written consent. This is breach of contract!
Jamestrack, thumbs up. I am going to make report also if they scam again!
Brothers and sisters, we have all been tricked. Let me know the action that we need to take to get our money back.
DONT BELIEVE IN WINEGU! I printed AWI company profile from ACRA. AWI and The Bottle Wealth are belong to same owner! Singapore government can never put false info in their ACRA website!
Hi Bernard, I will join you to make report. My name is Teng Yuen Leng, I will pm you my contact number.
I totally disagree with WINEGU! It makes my blood boil when I see WINEGU remarks!
There is no prior notification of the company being taken over! There is not prior notification of wines being moved! I do not even know my wines are being moved till 1 year later. MIND YOU, 1 year! I decided to call up to check after reading many complains here and elsewhere then I realised I have been kept in the DARK. VERY DARK!
http://en.m.wikipedia.org/wiki/Penal_Code_(Singapore)#Criminal_breach_of_trust
http://en.m.wikipedia.org/wiki/Penal_Code_(Singapore)#Theft
All victims - must read this! What AWI did is criminal breach of trust and theft! I am going to seek legal advice from my lawyer! Have had enough of their nonsense and scams!
Don't give ### over here WINEGU! A proper functioning company will not do these to their clients! Everything is done discreetly without client consent...
I agree with 7 years victim! We received no proper notification and our wines were moved without our authorization. This is clearly a criminal breach of trust. I'm sick & tired of all the excuses and the requests for more money.
AWI and bottle wealth holdings is under the same person. I spend 10 dollars plus to print it out through QuestNet.
I have enough with AWI or bottles wealth.. It is a scram. If I can't get back my money I will make it big. I thinking making a police report. Will ask my media friend to spread this scram through Internet too.
AWI called me up recently to give the options of (1) pay a fee to let them sell the wines or (2) take back everything to drink myself. The message I got is they are a new AWI and what the old AWI did is the past is none of their business. This is their way of pushing the clients way out with no room for nego! When I sounded unhappy with the broker, he also sounded unhappy and wanted to go into argument. In the end, he don't even give me options and say "YOU WILL BE BILLED". IS THIS CORRECT WAY OF TREATING A CLIENT!?!? ANYBODY WHO DOES CUSTOMER FRONTING KNOWS THAT THIS IS ABSOLUTELY WRONG! THE NEW AWI IS A GANGSTER!
AWI victim, AWI has asked me to drop by their office this coming Mon as well. All sales contract they bring up also BS to me if they dun give me the chq. I just want to end any dealings with this co period.
Bernard Tan what time you going down on Monday? Maybe we can see them together.
My email kathyyap@hotmail.xom
AWI called me up recently and gave 2 options (1) pay a fee to let them sell the wines or (2) take back everything to drink myself. The message I get is they are a new AWI and what the old AWI did is the past is none of their business. This is their way of pushing the clients way out after getting the money. When I sound unhappy and disagreed on this arrangement, the broker also raised his voice to challenge me. ANYBODY WHO DOES CUSTOMER FRONTING KNOWS THIS IS ABSOLUTELY WRONG!
AWI called me up recently and gave 2 options. (1) pay a fee and they will sell my wines (2) take back all my wines for own consumption. The message I got - they are new AWI, what old AWI did is NONE OF THEIR BUSINESS.