Liberia’s FCID Investigates Yang Dan for Alleged Investment Fraud of Over $6 Million
The FCID in Liberia is investigating Yang Dan for allegedly defrauding over $6 million from Chinese investors by misrepresenting himself as a shareholder of Duke Global Investment Limited. Numerous investors lodged complaints against him for fraudulently selling shares that he did not own, resulting in significant financial losses. Yang was arrested and is currently in custody, with the investors hopeful for a resolution through legal channels.
The Financial Crimes Investigation Division (FCID) in Liberia is currently investigating Yang Dan, a Chinese national, suspected of defrauding over $6 million from a group of Chinese investors. Yang is accused of misrepresenting himself as a shareholder of Duke Global Investment Limited, a company legally established in Liberia, misleading investors into believing they were purchasing shares he did not legitimately own.
On March 4, 2025, multiple investors, including Luo Wei, Bingli I. Guo, and others, lodged a formal complaint against Yang. They alleged he falsely claimed authority to negotiate and sell equity in Duke Global to attract new investments in various sectors, including mining and rice importation, despite lacking the required authorization from the company or its other shareholders.
An investigation revealed that while Yang had originally subscribed to 37% of Duke Global’s shares, he had never completed payment for them, rendering him unable to sell or redistribute these shares. Despite this, he duped investors into believing he could legally sell them, thereby misappropriating millions of dollars.
Among the defrauded amounts, significant payments included RMB 17,200,000 (approx. $2.37 million) from Luo Wei and RMB 1,080,000 (approx. $148,430) from Chunmei Yin. The total estimated fraudulent transactions amounted to $4.58 million, reflecting a severe impact on the investors’ finances.
Duke Global, founded on December 8, 2023, has Sekou A. M. Dukuly as the primary shareholder. The investigation further revealed that Yang misled investors into believing he had the authority to sell shares while establishing a related entity in Hong Kong to facilitate further fraud under false pretenses.
Yang’s deceit extended to negotiations with Shanghai Jinxin Network Technology Co., Ltd., where he collected funds for a joint venture under dishonest claims. Additionally, he misled investors into funding a non-existent water production plant in Liberia, leaving them disillusioned upon arrival.
Yang Dan was arrested on March 7, 2025, and is currently detained by the Financial Crimes Division. The investors, represented by Luo Wei, remain hopeful for recovery of their investments through Liberia’s legal system, despite experiencing significant delays in their projects due to Yang’s fraudulent actions.
The ongoing investigation by the FCID into Yang Dan reveals the complexities of investment fraud, especially within cross-border contexts. The case underscores the vital importance of due diligence and transparency in investment processes. As legal proceedings unfold, both the investors and the authorities in Liberia remain vigilant in seeking justice and resolution for the perpetrators’ actions, aiming for a conducive environment for legitimate investment in the nation.
Original Source: frontpageafricaonline.com
