Ex-SLA manager duped lender into giving him loan for Ferrari
One of six men jailed over the multimillion-dollar Singapore Land Authority scandal tricked a lender into giving him a $350,000 loan to buy a Ferrari, a court heard on Monday.
Lim Chai Meng, 39, deceived Sing Investments & Finance in 2009 into believing he was working as a consultant for a machine movers company, drawing a monthly salary of $20,000.
Thinking he earned enough to afford the loan, the lender agreed to give him the money for the luxury car. But the $721,000 vehicle later had to be scrapped after he crashed it on the Nicoll Highway.
Lim is serving 15 years in jail for his role in the $12.2million scam at the Singapore Land Authority, where he was a manager on secondment from the Infocomm Development Authority of Singapore. His sports car ruse was revealed on Monday when an accomplice pleaded guilty to helping him trick Sing Investments into approving the loan.