Construction company director charged over fraudulent schemes investing in villas, crab farms
SINGAPORE: Construction company RBI Holding’s director Selliaya Suresh, 49, was charged in court on Friday (Jul 5) over his alleged involvement in two fraudulent investment schemes.
One of the schemes offered investments in villas in India, and the other - an aquabreed scheme - offered investments in crab farms in Sri Lanka, the police said in a news release on Friday.
People who invested in the India villas were told that they could sell the villas in a buyback arrangement for significant profits, if they first paid tax.
Investors in the aquabreed scheme were promised annual returns through an "RBI Aquaculture Bond”.
Suresh was charged with 23 counts of cheating, 261 counts of forgery, 141 counts of issuing securities without a formal document and two counts of managing a company as an undischarged bankrupt.
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For each count of cheating and forgery, Suresh faces jail of up to 10 years and a fine.
He also faces imprisonment of up to two years and a fine of up to S$150,000 for issuing securities without a prospectus.
For managing a company as an undischarged bankrupt, he faces imprisonment of up to two years and a fine not exceeding S$10,000.