Davis Commodities (NASDAQ: DTCK) sold Wall Street a story of “digital transformation,” “AI-powered trading,” and “blockchain-driven agriculture.” What investors actually bought was a circular money machine — one that quietly funneled millions of shareholder dollars into insider-controlled entities disguised as “strategic partners.” At the center of this web lies Tan Choo Kiat, husband of Davis Chairwoman Li Peng Leck — a man who somehow manages to be landlord, lender, and borrower all at once. Through a series of related-party transactions and offshore shell companies, Davis appears to have built an ecosystem where every dollar of investor capital circles back into the same family’s hands. On paper, it’s trade finance. In reality, it looks like a closed economic loop built on deception and self-dealing. This BMF investigation traces that loop — from a $6.3 million “loan” to a shell company in Singapore, to undisclosed rent payments, insider lending at 10% interest, and a trail of phantom blockchain ventures meant to mask the cash drain. What we found is not innovation. It’s a masterclass in how to recycle public money into private wealth — right under NASDAQ’s nose.
