Investigation Launched Against Yang Dan for Alleged $6 Million Investment Fraud in Liberia
Yang Dan, a Chinese national, is under investigation by Liberia’s FCID for allegedly defrauding over $6 million from investors by misrepresenting his authority related to Duke Global Investment Limited. The losses stemmed from false promises on share acquisitions that he had no legal rights to offer. The investigation continues as the affected investors seek restitution.
The Financial Crimes Investigation Division (FCID) of Liberia has initiated an investigation against Chinese national Yang Dan for allegedly defrauding over $6 million from Chinese investors. This issue arose following complaints from several investors regarding Dan’s claims of offering shares in Duke Global Investment Limited, a company established in Liberia.
Investors Luo Wei, Bingli I. Guo, Chunmei Yin, Hong Yin, Wei Jing, and Lijun Ding filed a complaint on March 4, 2025, stating that Dan fraudulently induced them to invest money in shares he did not own. He supposedly asserted himself as an authorized shareholder tasked with raising funds and managing equity sales.
Despite being one of the original incorporators, Dan had never paid for his shares, which nullified his authority to sell or redistribute equity. Moreover, he misled investors about his autonomy to negotiate deals, securing millions under false pretenses.
The investigation found that substantial sums were misappropriated from investors like Luo Wei, who paid approximately $2.37 million, and others who collectively lost $4.58 million. Duke Global was incorporated on December 8, 2023, with Sekou A. M. Dukuly as the primary shareholder, holding 43% of the company’s shares.
Dan misled investors into believing he could offer significant stakes in Duke Global. Additionally, Dan created a foreign entity, Danwei Investment Limited, used for further fraudulent schemes. He entered into agreements, including one with Shanghai Jinxin Network Technology, falsely promising substantial returns without authorization.
Dan also persuaded investors to fund a water production project in Liberia, assuring high returns on non-viable shares. Upon arriving in Liberia, investors discovered the project was non-existent. He was arrested on March 7, 2025, and remains in custody during the investigation.
The defrauded Chinese investors, represented by spokesperson Luo Wei, have expressed faith in the Liberian justice system, seeking restitution or accountability for their substantial losses and emphasizing the negative impact on the water project’s progress in Bomi County.
The investigation against Yang Dan highlights the vulnerabilities in investment practices and the necessity for due diligence within corporate structures. Investors must be cautious when entering investment agreements and verify the legitimacy of claims made by representatives. As this case proceeds, it underscores the importance of legal compliance and protecting investor rights in Liberia, especially in emerging markets.
Original Source: frontpageafricaonline.com
