Source : TODAY, Wednesday, September 19, 2007
He is appealing against three-month term and conviction
Despite knowing it was illegal, veteran lawyer Bachoo Mohan Singh helped his client inflate the price of a Housing Board flat by a quarter of its value to secure a higher loan during a sale, with the difference to be kept by those involved in the scam.
But the con - known as a "cashback" deal - was discovered after it fell through, with the seller, taxi-driver Koh Sia Kang, claiming he was cheated and suing the buyers and property agent.
On Tuesday, Singh became the first lawyer to be convicted of such a scam, with a district court sentencing him to three months' imprisonment.
District Judge Bala Reddy did not elaborate on the sentence. Singh, who is appealing against both the conviction and sentence, is out on $20,000 bail.
The agent, Kereen Teo Pei Pei, 28, was fined $8,000 in January 2005 for her role - the first housing agent to be convicted in such a scam - while Mr Koh has yet to be charged. Teo's manager was also fined.
Singh's role in the scam which began in April 2004 was helping Mr Koh make a false declaration on the price of his five-room apartment in Redhill.
An investigation by the Corrupt Practices Investigation Bureau revealed that Teo, who worked for Pru Realty, tried to cheat DBS Bank by allegedly telling the bank that the sale price of Mr Koh's flat, which she represented, was worth $490,000, when the agreed selling price was only $390,000.
Before finding Singh guilty in July after a protracted trial, District Judge Reddy said he agreed with the prosecution that the lawyer knew about the cashback deal.
Cashback schemes were believed to be rampant two years back, with the Housing and Development Board (HDB), Central Provident Fund and the Monetary Authority of Singapore working on measures to clamp down on dishonest deals.
Minister for National Development Mah Bow Tan then announced that from April 2005, resale flat buyers would have to appoint HDB-assigned private valuers to stop people from inflating apartment prices.
Singh, who has been practising law for more than 30 years, could have been jailed up to two years or fined.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment