SINGAPORE – 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.
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. Wong, who was looking for a loan of $1 million in 2020, was introduced to Tai in or around May that year. Separately, on Dec 8, 2020, AEC Development entered into a loan agreement with the Abiel companies for a loan sum of $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.