The British mastermind behind a scam that duped scores of Hong Kong investors out of nearly $5 million has mocked those stung by such rackets by declaring: 'It is the old adage: if it is too good to be true, it usually is.'
Michael Ellington-Smythe, an international conman and master of disguise, is wanted by authorities and is believed to be in hiding in Turkey after fleecing unwary Hong Kong investors.
Police believe he swindled more than $4.5 million through a bogus international investment racket that offered hefty returns on a non-existent deal to develop land in the former Soviet republic of Estonia.
Ellington-Smythe's parents have been arrested by the Metropolitan Police in Britain on charges of money-laundering in relation to their fugitive son's scams.
Last week the Sunday Morning Post exposed Hong Kong-registered Landinvestors Society - fronted by Ellington-Smythe and his cohort Martin Page - after it was revealed more than 100 people had lodged complaints against the firm in recent weeks.
One executive was arrested but the mastermind and his accomplice managed to slip the noose.