Source : The Straits Times, Aug 2, 2007
THE property agent who was in cahoots with fugitive lawyer David Rasif in a cashback scam was jailed five years and five months on Thursday.
Goh Chong Liang, 37, had earlier pleaded guilty to cheating banks here to give out housing loans worth nearly $1 million in the scam.
A district court heard last week how Goh had conspired with Rasif to dupe the banks.
Goh's role in the scam was to inflate the price of a seller's flat. This secured a higher housing loan for the buyer.
The difference between the loan amount and the actual price of the resale flat would then be split among those involved in the scam.
The court heard that Goh had roped in Rasif, through Rasif's law firm at the time, to act for flat sellers in the scam.
Renovation costs were added to inflate the price of a flat. Goh even helped set up a shell company which never carried out any such work.
Rasif's law firm - since closed - deducted its fees from the sale of the flats. The remainder of the money Goh made was shared by those involved in the scam.
The firm was involved in 22 such transactions in 2004 valued at over $4 million.
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