Trio Charged Over S$61M Housing Loans Scam

[therat 18]

http://sg.news.yahoo.com/blogs/singaporescene/trio-charged-over-61m-housing-loans-scam-044128443.html

A former loan officer from OCBC Bank was charged in court on Thursday with conspiring with property agents to deceive the bank into giving housing loans worth more than S$61 million.

Winnie Goh Li Ching, 33, faced 189 counts of deceiving the bank between 2004 and 2006. According to The Straits Times, she submitted false income tax or Central Provident Fund statements to secure loans for applicants who did not meet income requirements.

Her actions misled the bank into approving and disbursing housing loans of between S$112,000 and S$2.25 million each to about 170 clients.

Also charged on Thursday were housing agents Siti Rahayu Masud, 38, and Lau Thuan Heng, 62.

The duo were accused of submitting a false statement of affairs and failing to deliver surpluses from the sale of properties to the Official Assignee.

Goh allegedly assisted Siti and Lau on 14 occasions in 2005 and 2006 to cheat OCBC Bank of S$11 million in the form of housing loans. It is unclear if Goh accepted any commission from the agents in exchange for obtaining the bank's approval.

Goh also allegedly misled the bank on seven occasions into paying commissions totaling S$11,258 to housing agent Lay Liang Suan, purportedly for referring customers to the bank for housing loans.

Goh, who started working for the bank in 2004, quit in 2006. Married with a young child, she is now working in an administrative position with a local company. Goh, who is represented by lawyer Chen Chee Yen, is out on police bail of S$700,000.

Chen asked for the case to be postponed so that he could take instructions from his client on the charges. She will be back in court on 9 June.

Siti and Lau also faced charges under the Bankruptcy Act. They are also accused of multiple counts of leaving the country without permission.

Both were remanded as they were unable to post bail of S$500,000 each.

If convicted of cheating, the trio can be jailed for up to seven years on each charge, and fined.