According to multiple media reports, Better Living Global Marketing, which operates “Bidder’s Paradise” has been raided by Hong Kong Police Commercial Crime Bureau and 5 were taken into custody. Office is locked, and inspectors have confiscated cases of documents as well as computers into evidence
BLGM basically operates as a Hong Kong clone of Zeek Rewardsd ponzi scheme, with various “winners” paraded as “proof” that the auction works, and then claimed the auction brought in so much profit that it needs investors to expand. However there were cash flow problems that was first discovered in 2014.
Apple News HK reports: (translated, original linked below)
HKPD Commercial Crime Bureau has broken up an auction website alleged of using pyramid selling technique to defraud people. The affected company’s Tsim Sai Tsui office is dark and locked yesterday, with many victims knocking on the door looking for redress. Five arrested have made bail and will await trial. The founder of website, Luke Teng, 55, is son of HK’s most famous Christian Church leader Jing-Hui Teng.The affected company “Bidder’s Paradise Ltd” office at XingWengHua center is locked. Only two people were observed enter. When confronted, one said “I’m a relative of Luke Teng, and the company’s active for two years, and said “We don’t cheat people”, and claimed there will be a press conference later to explain everything, and otherwise, no comment.Many victims approached the office later. One Nepalese man claimed he’s merely a security supervisor at a milk company, and joined last July, put in 400000 HKD, earned up to 10000 HKD a month. Got many friends and family to join, have put in about 1.58 million HKD. He even pawned all his jewelry. He is afraid he will get back nothing. Another victim “Saiman” claimed he found the company online, and put in nearly 3 million HKD, and earned early on, but haven’t received anything recently. He had even reported it to the police at HKPD HQ.