A rich Hong Kong businessman and race-car driver has lost over USD10 million dollars, houses, and cars to a con-man after tricking him in a long-term, elaborate scam, The New York Post reported.
The 10-year scam that got Jacky Yeung to buy buildings and rare-earth mines as well as invest in a travel agency, which all costed a total of USD20 million involved a Ukranian swindler named Valentyn Belan—who was since sentenced to nine years in prison by a US District Court. According to prosecuting attorney Geoffrey S. Berman, Belan’s “fraud was stunning and brazen in its scope.”
The scam began in 2008, when Belan—who manages a marriage agency designed to hook up rich foreigners with potential brides—learned that Yeung was reportedly looking for a bride and business opportunities in Ukraine.
Reports said Belan charmed his way into Yeung’s life, urging him to invest in a travel agency as well as purchase seven buildings and a sports field worth USD9 million. Investigations showed that none of the properties were actually bought, and that he was able to convince Yeung that the purchase was legitimate by wiring him USD50,000 monthly as “rental income.”
In 2010, Belan then convinced Yeung to invest USD500,000 in a rare-earth mine in Dubai, which he said would provide metals for electronic devices. The Ukrainian also introduced the businessman to a government minister—which turned out to be an actress Belan hired—to prove his credibility.
According to the report, from 2011 to 2013, Yeung transferred around USD4.5 million to Belan’s account—even selling his house and luxury cars to afford the investments the Ukrainian promised.
Belan was also able to convince Yeung in 2014 to sell a USD13 million building he owned to fund another mining investment, promising him that there are “buyers” willing to pay directly. Investigations showed that the conman even sent him a photo of himself with the cash as proof that the transaction was legitimate.
It was when Belan allegedly took his two sons to the US without the consent of the mother, hs girlfriend Olena Chumachenko, that the scam was found out, according to the report.
Chumachenko claimed Belan refused to let her see their children, pushing her to call Yeung and tell her about the situation. The businessman then asked Chumachenko about the investments, to which she said she had no idea what he was talking about and that Belan did not invest in mines.
Yeung then contacted the Southern District of New York prosecutor’s office, and had Belan arrested and prosecuted.
