Chan Meng Kan, businessman and honorary consul of Guinea-Bissau in Macau, has been the victim of a scam amounting to 96 million patacas ($11.8 million), according to TDM Radio Macau.
According to the radio network, Chan Meng Kan has confirmed that he loaned money to a woman whose company was having treasury problems, and that she offered two stores as collaterals.
The former Macau Parliament MP and current member of the Executive Council explained that only later did he learn that the two stores were already mortgaged to a bank, and that he lost contact with the woman.
Contacted by Macau News Agency (MNA), the Judiciary Police Department confirmed that it is investigating a woman, described as representing a real estate company, against whom 25 fraud complaints were filed.
The woman allegedly persuaded the victims to lend her money at high interest.
Authorities estimate that the scam amounts to 167 million Hong Kong dollars. They also admit that 200,000 to 60 million Hong Kong dollars may be irrecoverable.