Man jailed for his part in cheating finance company over $350,000 loan
A former director of a motor company was jailed for 10 months today for helping a customer involved in the Singapore Land Authority to cheat a finance company over a $350,000 loan.
Lim Seow Fong, 37, was a director and shareholder of Hokkien Motors, in 2009 when he conspired with Lim Chai Meng, then a manager with SLA, to deceive Sing Investments and Finance into believing that Lim Chai Meng was drawing $20,000 a month as a consultant when this was untrue.
The accused had abetted Lim Chai Meng to deceive the finance company by getting an appointment letter purportedly issued by Nitaki Machine Movers stating that the 39-year-old was appointed as a consultant at a monthly salary of $20,000.
This was done to make Lim Chai Meng qualify for a $350,000 loan to buy a Ferrari as his income from the InfoComm Development Authority of Singapore was insufficient to qualify for such a huge loan.