SINGAPORE (The Straits Times/ANN): Under the pretence of facilitating a loan deal, a man who was a bankrupt duped a director of three firms into handing over $1.5 million in February 2021.
Singaporean Wong Poh Kun, who masterminded the ruse, then transferred $1.25 million to an unnamed third party in Malaysia, while his accomplice kept $250,000 for his personal use.
On May 6, Wong, 70, was sentenced to five years’ jail after he pleaded guilty to a cheating charge in February.
A search with the Accounting and Corporate Regulatory Authority revealed that he used to be a director at multiple firms including Genesis-Alliance Projects, Ideal Worlds and LP World Gourmet.
As at February, he has made no restitution to the 48-year-old victim, who was a director at Abiel Real Estate Fund VCC, Abiel Holdings and Abiel Spaceplus Aljunied at the time of the offence.
Court documents referred to them as the “Abiel companies”.
Wong had met the victim through his accomplice, Vincent Jason Sadok Fook Tai.
At the time, Tai was a director at two firms – AEC Development, which was purportedly in the consultancy business for funding and financing projects, and another firm known as Asia Alternative Fund (AAF).
Wong, who was looking for a loan of $1 million in 2020, was introduced to Tai in or around May that year.
However, the loan did not materialise as Tai found out through checks that Wong did not have any income in Singapore.
In fact, Wong became a bankrupt in Malaysia in October 2019 and was also declared one in Singapore in June 2020.
Separately, on Dec 8, 2020, AEC Development entered into a loan agreement with the Abiel companies for a loan sum of $15 million.
This loan was for Abiel Spaceplus Aljunied’s development of a commercial site in Aljunied, and AEC Development was supposed to disburse the amount in tranches to Abiel Holdings.
However, AEC Development did not have the funds available at the time.
Some time before Feb 26, 2021, Tai told Wong that AEC Development could not raise the $15 million.
Despite knowing that Wong was a bankrupt, Tai asked whether the older man could secure funding of $15 million for the Aljunied project.
Wong then devised a scheme to cheat the victim by falsely representing that he could obtain financing for the Abiel companies with a deposit of $1.5 million.
He also promised Tai a sum of $500,000 if this transaction and other funding deals went through.
As a result, Tai arranged a meeting with Wong and the victim, claiming that Wong could obtain financing for the Abiel companies of up to $15 million.
Deputy Public Prosecutor Matthew Choo told the court: “At this meeting, the accused was introduced as a seasoned property developer who had a lot of experience in the field.
“This background helped to convince the victim as she herself was in the real estate business and required funding specifically for the development of a commercial real estate project.”
Wong also falsely claimed that he was interested in financing the project in Aljunied with funding from a pool of Australian investors.
Wong and Tai assured the victim that the $1.5 million deposit would not be utilised or withdrawn.
This was based on a false pretence that Wong needed “proof of funds” so that he could organise the monies to arrive from Australia.
DPP Choo added: “Tai also specifically reassured the victim that AAF is a regulated fund by MAS (Monetary Authority of Singapore) and her funds are protected... This gave the victim confidence in placing a large sum of money in the account of AAF.”
On Feb 27, 2021, the victim sent a cheque for $1.5 million from Abiel Holdings’ bank account to AAF.
Wong and Tai then split the amount, with Wong receiving $1.25 million.
When the disbursement of the loan failed to materialise, the finance director of Abiel Spaceplus Aljunied alerted the police on July 26, 2021.
In August 2023, Tai, then 43, was sentenced to three years and nine months’ jail after he pleaded guilty to one count of criminal breach of trust. He has since given the victim a restitution of $1,000.
For cheating, an offender can be jailed for up to 10 years and fined. - The Straits Times/ANN
