Liberia: Investigation Launched Against Yang Dan for Alleged Fraud of Over US$6 Million

The Financial Crimes Investigation Division in Liberia is investigating Chinese national Yang Dan, who allegedly defrauded investors of over US$6 million through misleading claims regarding shares in Duke Global Investment Limited. The investigation follows a criminal complaint from several Chinese investors. Despite being a co-founder, Dan had no legal authority to sell shares. He has been arrested and is currently in custody while facing serious charges of financial fraud.

In Monrovia, Liberia, the Financial Crimes Investigation Division (FCID) has launched an inquiry into Chinese national Yang Dan, who faces allegations of defrauding a consortium of Chinese investors for amounts exceeding US$6 million. The alleged fraud was committed under the pretense of selling shares in Duke Global Investment Limited, a company legally established in Liberia.

The inquiry stems from a criminal complaint filed on March 4, 2025, by several investors including Luo Wei and Bingli I. Guo against Yang Dan. The investors accused Dan of misappropriating their funds through misleading claims that he owned shares in Duke Global, which he did not.

Yang Dan, who possesses Chinese passport No. E41274259, allegedly masqueraded as the authorized shareholder of Duke Global, falsely asserting his capacity to attract investment and negotiate sales of company equity. However, it was later determined that he lacked the proper authorization from both the company and its shareholders.

While Dan was initially a co-founder of Duke Global with a 37% shareholding, he never completed payment for those shares, rendering him incapable of legally selling them. Rather, he falsely assured investors that he could sell shares, resulting in significant financial gain at their expense.

The investigation unveiled that funds were collected from investors, including significant payments such as RMB 17,200,000 (US$2.37 million) from Luo Wei, RMB 1,080,000 (US$148,430) from Chunmei Yin, and additional payments from other investors totaling US$4.58 million.

Duke Global, incorporated on December 8, 2023, lists Sekou A. M. Dukuly as the primary shareholder, with Yang Dan and Liu Xiang holding minority stakes. Furthermore, Yang misled investors into believing he was authorized to negotiate the sale of Duke Global’s equity, offering significant shares for substantial investments without valid consent from co-founders.

Investigators also uncovered that Yang Dan established a foreign entity named Danwei Investment Limited in Hong Kong, further complicating the fraudulent activities related to investors’ stakes in Duke Global. He entered into unauthorized agreements with Shanghai Jinxin Network Technology Co., Ltd., misappropriating funds intended for legitimate business practices.

Moreover, Dan allegedly solicited investments in a water production project in Liberia, promising high returns, which further proved to be non-existent upon the investors’ arrival. Yang Dan was apprehended on March 7, 2025, and is presently in custody in Monrovia.

Chinese investors, represented by spokesperson Luo Wei, have conveyed their confidence in the Liberian judicial system, expressing hopes for either recovery of their investments or appropriate judicial penalties for Dan. They indicated that delays caused by Dan’s fraud have significantly impacted the proposed water plant project in Bomi County, yet they remain optimistic about the future of the project through either restitution or alternative solutions.

The case against Yang Dan underscores the severity of financial fraud in investment sectors. The allegations reveal systemic failures in due diligence within investment practices. The strict measures taken by the Liberian authorities reflect a commitment to transparency and accountability in the financial domain, as stakeholders seek justice and restitution for their substantial losses. The outcome of this investigation may serve as a crucial precedent for both domestic and foreign investors in Liberia.

Original Source: frontpageafricaonline.com