Liberia: Financial Crimes Investigation Division Investigates Chinese National Yang Dan for Allegedly Defrauding Over U.S.$6 Million From Chinese Investors

The Financial Crimes Investigation Division (FCID), has opened an investigation against Chinese national Yang Dan for allegedly defrauding over US$6 million from a group of Chinese investors.

The money was purportedly taken under the guise of selling shares in Duke Global Investment Limited (“Duke Global”), a corporation lawfully incorporated in the Republic of Liberia.

According to the investigation, several Chinese investors, Luo Wei, Bingli I. Guo, Chunmei Yin, Hong Yin, Wei Jing, and Lijun Ding, filed a criminal complaint on March 4, 2025, against Yang Dan.

The investors accused Dan of deceiving them into handing over large sums of money while promising to sell shares in Duke Global that he did not own.

The Chinese investors claimed that Dan, a holder of Chinese passport No. E41274259 falsely presented himself as the authorized shareholder of Duke Global, responsible for attracting new investors and selling equity in the company.

He allegedly misrepresented his authority to negotiate with investors and sell shares, to expand Duke Global into various sectors such as mining, gold production, rice importation, and water production.

However, it was later discovered that Dan had no such authorization from the company or other shareholders.

The investigation further revealed that while it is true that defendant Yang Dan was one of the original incorporators of Duke Global, subscribing to 37% of the company’s shares, he had never paid for these shares, meaning he had no legal right to sell or redistribute them.

Despite this, Dan allegedly convinced the Chinese investors that he could sell those shares or equity in the company, misappropriating millions of dollars for personal gain.

Documents obtained by Verity Investigation show that Dan defrauded investors by convincing them that he has legal power to act independently on behalf of Duke Global.

Using false representations, he convinced investors to pay large sums for shares without accounting for said amounts.

Among the defrauded amounts, Luo Wei allegedly paid Dan RMB 17,200,000 (approximately US$2.37 million), Chunmei Yin paid RMB 1,080,000 (approximately US$148,430), and Hong Yin and Jing Wei each paid RMB 2,000,000 (about US$275,482).

Additional sums were also allegedly extorted from other investors, leading to a total of US$4.58 million in fraudulent transactions.

Duke Global was incorporated on December 8, 2023, with Sekou A. M. Dukuly, the current Managing Director of the National Port Authority (NPA) as the primary shareholder, owning 43% of the company.

Dan, along with Liu Xiang, was listed as co-incorporators, with subscriptions to 37% and 20%, respectively.

This investigation also uncovered that defendant Dan also misled investors like Luo Wei into thinking he had the authority to sell shares in Duke Global, including offering 22% of the company’s equity to Wei in exchange for an investment of RMB 13.5 million (approximately US$1.86 million).

Defendant Dan allegedly diverted these funds for personal use, without the consent of the other company incorporators.

Further investigations uncovered that defendants Dan and Wei also established a foreign entity in Hong Kong, Danwei Investment Limited, and used it to further defraud investors by falsely claiming that Wei’s investment would secure him a significant stake in Duke Global.

Dan’s fraudulent activities also extended to negotiations with Shanghai Jinxin Network Technology Co., Ltd. (Shanghai), where he entered into a “Cooperation Agreement” for the formation of a joint venture to import and sell rice and building materials in Liberia.

Defendant Dan allegedly collected US$148,430 from Shanghai under pretenses but did not have the authority to make such commitments on behalf of Duke Global.

In addition, Dan allegedly convinced investors like Hong Yin and Jing Wei to invest in a water production plant project in Liberia, promising high returns and offering non-existent shares in the project.

However, when they arrived in Liberia, they discovered that they had been deceived by Defendant Dan and that the project was not operational.

Yang Dan was arrested on March 7, 2025, and is currently in the custody of the Financial Crimes Division in Monrovia.

The Chinese investors, represented by through their spokesperson Luo Wei have expressed their confidence in Liberia’s justice system, hoping that Dan will either return their money or face a lengthy prison sentence.

They emphasized that there have been significant delays caused by Dan’s alleged fraudulent activities, particularly in the construction of the water plant in Bomi County.

Despite their losses, they remain hopeful that the project will move forward, either through restitution or alternative arrangements.

By FrontPageAfrica.