Real estate salesman charged with receiving payment from moneylender

A real estate salesman has been charged with receiving payment from a licensed moneylender for the loans his clients took and handling transaction monies for his clients.

52-year-old Mustafa Kamal Seri was a registered salesman with licensed estate agent Your Estate Specialist LLP when he allegedly committed the offences.

In February 2012, a married couple engaged the services of Mustafa to sell their four-room HDB flat and buy a smaller three-room flat.

In late February 2012, Mustafa approached his clients for a personal loan of S$50,000.

Mustafa asked the couple to borrow the sum from a moneylender and give him the money in advance and that they repay the moneylender using the sales proceeds from the HDB property.

The couple agreed to this.

In February, March and April 2012, Mustafa brought his clients to a licensed moneylender to obtain three separate cash loans totalling S$57,500.

The moneylender deducted a total of S$7,500 in acceptance fees for the three loans, and the couple handed the remaining S$50,000 to Mustafa.

Sometime between May and July 2012, Mustafa received a payment of S$2,000 from the moneylender for the three moneylending transactions of his clients.

For the sale of the couple’s flat in March 2012, Mustafa requested for and received the Option-To-Purchase deposit of S$3,000 from the buyer via a bank transfer, and paid it to his clients.

After the sale transaction was completed in May 2012, the husband handed Mustafa S$15,000 in cash, which Mustafa then handed to his clients’ law firm in July 2012 to complete their purchase of the three-room HDB flat.

Under the Estate Agents Act, it is an offence for estate agents and salespersons to introduce the services of any moneylender to their clients and to receive commissions, rewards, fees, payments or any benefits from any moneylender for any moneylending transaction.

Estate agents and salespersons are prohibited from holding or handling any money for or on behalf of any party in relation to the sale and purchase of any property in Singapore.

Source CNA – 29 May 2013

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