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SINGAPORE – Two men were sentenced to prison on Tuesday (December 8) for their role in a money-back scam involving mortgage fraud linked to two different properties.
Iswandi Yahya, 38, will spend two years behind bars for cheating.
Former real estate agent Zulkarnain Lim Zulkefli, 33, was sentenced to two weeks in jail after admitting that he had been involved in a conspiracy with the home’s owner, Lau Ai Geck, to fraudulently execute a transfer form. the Property Title Act that contained a false statement.
The form indicated that the sale price of Lau’s Limbok Terrace house near Yio Chu Kang Road was $ 3.6 million, when the agreed sale price was, in fact, $ 2.6 million. Lau was previously fined $ 16,000 after admitting her role in the scheme.
Prosecutors said Iswandi and Zulkarnain had worked with the same man, Sufandi Ahmad, 40, whose case is still pending.
Deputy Prosecutor Benedict Chan said Sufandi contacted Zulkarnain sometime in September 2014 to request information on the land purchase.
Later, Sufandi expressed interest in purchasing the Limbok Terrace house.
He told Zulkarnain how he intended to buy the house, saying that after a sale price was agreed with the seller, Sufandi intended to set an inflated sale price on the option to purchase (OTP) so that a higher home loan amount would be disbursed to the buyer, the DPP said.
As a real estate agent, Zulkarnain knew that this amounted to an illegal “money back” agreement.
Despite this, he agreed to facilitate the arrangement, as he wanted to earn a commission from the sale of the property. After speaking with Zulkarnain, Lau agreed to inflate the sale price on the OTP by $ 1 million.
Zulkarnain then urged her to sign the transfer form that contained the false information.
DPP Chan said: “On February 2, 2015, based on documents submitted on behalf of an alleged buyer, Saiful Azri Amat, an application was submitted to DBS Bank to disburse a loan amount of $ 2,880,000.
“DBS Bank discovered that Saiful’s income documents were falsified and canceled the mortgage loan. The sale of (the Limbok Terrace house) was not completed and DBS Bank did not disburse any loans.”
The case of Saiful, 35, is still pending.
Iswandi, on the other hand, admitted in district court last month that he had tricked Malayan Banking into delivering a $ 2.84 million home loan.
His alleged accomplices had arranged to sell a Woodgrove Walk home near Woodlands Avenue 1 for $ 2.4 million by declaring an inflated sales price of $ 3.55 million.
The court heard that in 2014, Sufandi agreed to Iswandi, who was out of work at the time, to apply for a loan to buy the house even though the latter had no means to pay it.
Iswandi was also promised $ 5,000, which he never received.
According to court documents, two other men, Mohamed Haron Hassan, 39, and Juma’at Johari, 40, later received a “refund” of $ 464,000. Cases involving Haron and Juma’at are also pending.
Iswandi is now out on $ 10,000 bail and will be turned over to state courts on January 6 of next year to begin serving his sentence.
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