Man charged with cheating over loan scam involving $1.5m
A 68-year-old man allegedly instructed a woman who wanted to obtain a $15 million loan to pay $1.5 million in order to receive the loan.
But he is said to have pocketed $1.25 million of the payment and became uncontactable, purportedly failing to deliver the loan.
Wong Poh Kun was on Friday (Jan 7) charged with cheating involving $1.5 million.
A search on the Accounting and Corporate Regulatory Authority database reveals that Wong, a Singaporean, used to be a director at firms including interior design company Genesis-Alliance Projects and real-estate development firm Lakefront.
The database stated his address to be in Sentosa Cove.
According to court documents, on Feb 27 last year, Ms Maureen Li was misled by Wong to believe she was making a payment of $1.5 million to a loan broker to secure the $15 million loan, which would be delivered in parts.
Court documents did not mention Ms Li's occupation or background.
Wong allegedly lied that the money would be transferred to the bank account of Asia Alternative Fund, an investment company.
The police said in a statement on Thursday that of this sum, $1.25 million was allegedly kept by Wong and the remainder was paid to a loan broker.
On Wednesday, officers from the Central Police Division arrested Wong and seized some electronic devices.
Wong is believed to be involved in other scams, said the police.
Speaking through video link while in remand, Wong questioned the charge as he said he was in the midst of a settlement agreement and planned to make payment to the victim this month.
"I need time to facilitate this and to remand me (sic) would deprive me of the opportunity to settle it," Wong said in court, adding that he had a medical condition and needed to visit the hospital.
He added: "I have been a respectable businessman for many years and completed multiple multi-million projects. Why would I cheat someone of a small sum of $1 million when I have made tens of millions in my career?"
District Judge Terence Tay said this was not the right forum to discuss the charge and assured him that he would have access to medical help if needed while in remand.
Wong will return to court next week.
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