- POSTED: 14 Aug 2014 14:42
Fazal Mohamed N.M.A.R. Mohamed Ebrahim was also fined S$10,000 for carrying on a money-changing business without a valid license after March 2011.
SINGAPORE: Former moneychanger Fazal Mohamed N.M.A.R. Mohamed Ebrahim was sentenced to six years’ jail on Thursday (Aug 14) after he was convicted of misappropriating about S$4 million from two customers.
The 52-year-old man was also fined S$10,000 for carrying on a money-changing business without holding a valid money-changer’s license after March 2011.
He was found guilty after a 32-day trial in the district court for dishonestly misappropriating S$3,664,079.25 given by Ms Ng Hwee Boon and S$269,482.50 given by Ms Angeline Ong Hsiao Wei, for investment. The offences took place between March and October 2011.
For illegal money-changing, Fazal could have been jailed up to two years and fined up to S$100,000. For committing criminal breach of trust, Fazal could have been jailed up to seven years, fined, or both.