Property agent who ran scam with missing lawyer pleads guilty
By Leong Wee Kiat, TODAY | Posted: 26 July 2007 2355 hrs

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SINGAPORE: A former director of a real estate company has admitted that he conspired with missing lawyer David Rasif in a scam.

The court heard that together with Rasif, 37-year-old Goh Chong Liang convinced banks and the CPF Board to provide higher bank loans.

They did this by overstating flat valuations in their clients' applications for the loans.

Goh had committed the 22 offences between December 2003 and September 2004.

The extent of the scam was uncovered by the Commercial Affairs Department soon after Goh was first convicted and jailed in 2005 for a similar offence.

The court was told that Goh would show buyers the flat for sale and then propose to the sellers' agent a higher price.

This inflated price included purported "renovation costs" for the flat.

Payment for these "renovations" would then be made through Rasif's law firm, which would then deduct its share as "legal fees" from this amount.

But in truth, renovations were never carried out.

Sentencing has been adjourned to next Thursday (2 Aug). Goh is the first to be charged for his role in this scam.

Rasif, who disappeared last year after allegedly taking about S$12 million of his clients' money with him, is still missing. - TODAY/yy