Lawyer linked to missing $33 million arrested in Malaysia, charged with cheating
The lawyer allegedly linked to the disappearance of $33 million has been arrested and charged in relation to another case.
The managing partner of law firm JLC Advisors, Jeffrey Ong Su Aun, 41, was charged in court on Saturday with one count of cheating.
Around Feb 19 this year, the lawyer allegedly deceived CCJ Investments to disburse $6 million under the impression that it had entered into a loan agreement with Suite Development.
About $3.3 million was allegedly used to refinance Suite Development's mortgage loan, and about $2.7 million was deposited into the client account of JLC Advisors, said court documents.
Ong, who had been uncontactable since mid-May, was arrested in Malaysia and brought back to Singapore on May 30, said the police in a statement yesterday.
After a police report was lodged on May 21, assistance was sought from the Royal Malaysia Police to locate and arrest Ong, who had left Singapore before investigations commenced. Last month, Allied Technologies said in a Singapore Exchange filing that a payout of more than $33 million from the escrow account "might have been unauthorised".
The statement said the company had entered into an escrow agreement with JLC Advisors on Oct 23, 2017.
Allied Technologies said despite repeated demands for repayment since March 23 this year, JLC Advisors had failed to release the balance escrow funds of more than $33 million.
The statement also said the company would be lodging a report with the police and the Law Society of Singapore.
Court documents did not reveal how or if CCJ Investments and Suite Development were linked to Allied Technologies, a client of JLC Advisors.
More than $33 million had been held in escrow by JLC Advisors for Allied Technologies, and the monies went missing last month. Ong later became uncontactable.
Ong is in remand. If found guilty of cheating, he can be jailed for up to 10 years and fined.
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