Another package

Investors could also opt for another package: Put in a sum of money and, over a period of either six or 12 months, they would get back their capital plus interest of 6 to 8 per cent.

Mr Chang said he had gone with both plans before but more recently, he has been pumping in money into the second plan.

He last invested $30,000 on May 23 and was supposed to get a letter of assurance from Assets a week later.

When he did not, he called Mr Lee, who is known as Keegen to his clients, but his mobile phone was switched off. He also could not contact Ms Quee.

Mr Chang's colleague, who did not want to be named, has invested with Assets since 2007. He last put in $40,000 on June 1. The 40-year-old, too, never received the letter of assurance.

The investors described Mr Lee as confident and well-spoken.

Mr Chang now regrets not doing more research.

"When I started investing, there was not much information available as the whole concept (of investing in wine) was still very new," he recalled.

At that time, he added, Assets was the only wine investment company he could find here. He read up about the company on its website and checked news reports on such forms of investment.

Mr Chang said he also visited the warehouse at Toh Guan Road East where the wine was stored.

"We saw huge crates of wine there, but they were not separated according to individual investors," he said.

Assets' website assures investors that "a dedicated personal wine adviser will be assigned to monitor your investment portfolio closely for you".

The website also boasted a stock list of "more than $10 million".

The company also claimed to have two other offices in Australia and China. A source close to the company told The New Paper that Mr Lee and his wife had gone on a holiday early last month and was supposed to return the following week.

When the couple did not return, she called Mr Lee's mobile phone. But it was turned off.

She said she, together with a friend and two family members, had invested about $200,000 with Assets two years ago.

While all the investors we spoke to said Assets is managed by Mr Lee and his wife, checks with Accounting and Corporate Regulatory Authority (Acra) records show that the director of the company is Ng Choon Siang, and its secretary is Quee Chieh Shung.

The New Paper understands that they are Ms Quee's mother and brother respectively. Acra records also listed Mr Lee as the secretary of two companies - Estilo Marketing, a wholesale trading company, and Syrius.

MsQuee is listed as the director of both companies.

Syrius, described on Assets' website as "a wine boutique with an exclusive member's lounge", shares the same Duxton Road address as Assets.

When The New Paper visited the place, all the shutters were down. Newspapers and pamphlets were scattered on the ground, and the letterbox was jammed with letters.

Over at Estilo's registered address at Middle Road, a company named FHL Management Consultants occupied the premises. An employee said FHL has been there for about 10 years.

Mr Lee's and Ms Quee's mobile phones were switched off when we called.

When we visited Mr Lee's Pasir Ris flat and Ms Quee's mother's flat in Tampines, no one answered the door.

The Consumer's Association of Singapore said it received one piece of feedback about Assets last month.