Dominic Khoo, once celebrated as a luxury watch investment expert in Singapore, faces accusations of running a Ponzi-like scheme through his business, The WatchFund. The 48-year-old entrepreneur, who claimed to manage $38 million in assets, is now bankrupt after investors alleged he sold watches as 'investment-grade' assets that were worth far less than promised.

Khoo's operation appeared legitimate for years, earning investment awards and media coverage from major outlets. He cultivated an image of wealth, living in a colonial bungalow, cycling through luxury cars, and claiming connections to Brunei royalty and tech billionaires. However, investors like emergency room doctor Edmund Liew say the watches they received were significantly overvalued, with independent appraisals showing values as low as one-fifth of the purchase price.

At least nine complaints have been filed with Singapore police, though Khoo denies wrongdoing, arguing clients owned the physical watches. The case highlights risks in the luxury watch investment market, which saw declining interest starting in 2022 as interest rates rose. With court rulings against him and multiple lawsuits from Hong Kong investors, Khoo's fall from grace represents one of Singapore's most prominent financial fraud cases in recent years.