Two former property agents have been convicted and sentenced for referring their respective clients to moneylenders, revealed the Council for Estate Agencies (CEA) on Friday.
The offences were committed by 52-year-old Mustafa Kamal Bin Seri and 39-year-old Ghazali Bin Mohamed Rasul, both Singaporeans.
Ghazali is also the first agent to be prosecuted by the CEA for money-lending offences.
Mustafa was sentenced in court on December 12 to a combined total of 11 and a half months of imprisonment and a total fine of S$18,000. This includes a two-week jail term and a S$15,000 fine for referring his clients to a licensed moneylender, and another S$3,000 fine for handling transaction monies for his clients.
He was also sentenced for two charges of cheating and one charge of criminal breach of trust.
Meanwhile, Ghazali was sentenced to an aggregate fine of S$18,000 for referring his client to a licensed moneylender and receiving a referral fee from the moneylender.
In a statement, CEA said that it does not condone any collusion with moneylenders or involvement in moneylending activities by estate agents and salespersons.
"Estate agents and salespersons should not be involved in moneylending activities or abet unlicensed moneylenders in their criminal activities. They are not allowed to refer a client to any moneylender or receive any commission or other benefit from any moneylender relating to moneylending transactions,” it noted.
CEA advises the public to report any estate agent or salesperson who works in collusion with a moneylender by calling the agency at 1800-643 2555 or sending an email to feedback@cea,gov.sg.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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