The Council for Estate Agencies (CEA) charged real estate salesperson Mustafa Kamal Bin Seri in court on Wednesday for allegedly receiving payment from a licensed moneylender for the loans his clients took and handling transaction monies for his clients.
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 such transactions.
Estate agents and salespersons are also prohibited from holding or handling any money for or on behalf of any party in relation to the sale and purchase of any property situated in Singapore.
Mr Mustafa was a 52-year-old Singaporean registered salesperson with a licensed estate agent, Your Estate Specialist LLP, when he allegedly committed the offences.
The CEA said he approached clients for a personal loan of $50,000 last February, requesting that they borrow the sum from a moneylender to advance him the money, repaying the moneylender using the sales proceeds of their HDB property.
The couple agreed, obtaining three separate cash loans totalling $57,500 with Mr Mustafa's help, for which he Mustafa received a payment of $2,000 from the moneylender.
He also accepted $15,000 in cash from the clients, which he passed on to their law firm to complete their HDB flat purchase.