Property Agent Jailed

Source : Today, Friday, August 3, 2007

Rasif's alleged aide gets five years and five months

THE property agent who allegedly conspired with missing lawyer David Rasif to pocket almost $1 million during the sales of 22 properties was sentenced yesterday to five years and five months jail.

Goh Chong Liang (picture), a former director of a real estate company, had overstated flat valuations in clients' applications for bank loans, thereby convincing banks and the CPF Board into providing higher loan amounts.

In passing sentence, District Judge Liew Thiam Leng said the scam was "organised" and "well-planned". The amount involved in the scam was also "considerable", he added.

Goh had earlier pleaded guilty to 22 conspiracy charges and 14 other forgery charges.

He would propose to the sellers' agent a higher price after showing buyers the flat for sale. This inflated price included purported "renovation costs" for the flat, which was paid to Danis Interior Design — a "shell" business set up by Goh, 37. Renovation works, however, never took place.

The cashback monies would then be made through Rasif's law firm, which would then deduct a share, as "legal fees". In all, Danis Interior Design pocketed a total of $917,500.

After investigations started in 2005, Goh claimed Rasif told him to forge documents, and to find someone to sign them. These documents were used to deceive Commercial Affairs Department investigators.

In mitigation, defence lawyer Peter Fernando pointed the finger at Rasif as the mastermind in the offences. Mr Fernando also argued that Goh's financial share in the scam was minimal — ranging between $5,000 and $7,000 per transaction.

The banks which had approved the inflated housing loans also stood to gain financially from the additional interest earned, argued Mr Fernando.

Judge Liew, however, said the offences committed had "an adverse impact on banking transactions".

Goh is the first to be charged in Court for his role in the scam. The whereabouts of Rasif, who disappeared last year allegedly taking with him about $12 million of his clients' money, are not known.