Ex-moneychanger gets 6 years for Criminal Breach of Trust of $4m
Published on Aug 14, 2014 12:20 PM
SINGAPORE - A former moneychanger who was convicted of misappropriating about $4 million from two customers was sentenced to six years' jail on Thursday.
Fazal Mohamed N.M.A.R. Mohamed Ebrahim, 52, was also fined $10,000 for carrying on business as a moneychanger without a licence after March 2011. He was in partnership with his late father in the business but lost his licence in March 2011.
He was found guilty, after a 32-day trial, of dishonestly misappropriating $3.7 million given by Ms Ng Hwee Boon, 50, and $269,482 given by Ms Angeline Ong Hsiao Wei, 41, for investment.
Ms Ng, a sales director, had testified that she met Fazal sometime in July 2010 when she intended to invest her money in the British pound. She went to Fazal's shop in The Arcade. Fazal suggested she invest in Euro instead, guaranteeing her 2.8 per cent returns on the invested sum over a two-week period.
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