Liberia: Investigation of Yang Dan for Alleged Investment Fraud Exceeds $6 Million
The Financial Crimes Investigation Division in Liberia is examining allegations against Yang Dan for defrauding over US$6 million from Chinese investors in a fraudulent scheme involving Duke Global Investment Limited. Multiple investors have accused Dan of convincing them to invest based on false claims of stock ownership and authority, leading to significant financial losses. Dan was arrested and is currently under investigation with hopes for justice and restitution from the affected parties.
The Financial Crimes Investigation Division (FCID) in Liberia is currently investigating Chinese national Yang Dan for allegedly defrauding over US$6 million from a group of Chinese investors. The fraudulent scheme was purportedly conducted under the pretense of selling shares in Duke Global Investment Limited, a legitimate corporation incorporated in Liberia.
On March 4, 2025, several investors filed a criminal complaint against Yang Dan, claiming he deceived them into giving large sums of money with promises to sell shares he did not own. Investors named in the complaint include Luo Wei, Bingli I. Guo, Chunmei Yin, Hong Yin, Wei Jing, and Lijun Ding.
Yang Dan allegedly misrepresented himself as the authorized shareholder responsible for attracting new investors. However, investigations revealed that Dan lacked authorization from Duke Global or its shareholders to negotiate or sell shares. Despite holding a 37% share ownership, Dan had never paid for these shares, and thus had no legal right to sell them.
Client funds were misappropriated by Dan, who falsely claimed to have the authority to act independently on behalf of Duke Global. He coerced large investments without justifying the amounts paid. Reportedly, Luo Wei invested RMB 17,200,000 (around US$2.37 million) while other investors contributed significant sums, accumulating a total of US$4.58 million in fraudulent transactions.
Duke Global was incorporated on December 8, 2023, with Sekou A. M. Dukuly owning the majority share. Alongside Liu Xiang, Dan was listed as a co-incorporator but failed to comply with payment obligations for his shares. Moreover, Dan misled investors regarding his authority to sell company equity, including a misrepresented offer of 22% equity to Luo Wei for a RMB 13.5 million investment. Allegedly, these funds were diverted for personal use.
Further investigations indicated that Dan and Wei had formed a foreign entity in Hong Kong, Danwei Investment Limited, allegedly to mislead investors about securing equity in Duke Global. Yang Dan also entered into a misleading agreement with Shanghai Jinxin Network Technology Co., Ltd. aiming for a cooperative venture in Liberia without proper authority, collecting funds without legitimacy.
Yang Dan was apprehended on March 7, 2025, and remains in custody as investigations ensue. The defrauded investors, led by spokesperson Luo Wei, expressed confidence in the Liberian justice system and hope for restitution or justice against Dan. They noted significant project delays due to his actions but remain optimistic about future developments.
The ongoing investigation into Yang Dan highlights significant concerns regarding financial fraud within international investment scenarios. The actions of Yang Dan, who allegedly misled investors regarding his authority and the legitimacy of share sales in Duke Global Investment Limited, have resulted in major financial losses for investors. The case underscores the importance of transparency and adherence to legal protocols in investment dealings, particularly involving international stakeholders.
Original Source: frontpageafricaonline.com
