Jeffrey Ong Su Aun, the managing partner of law firm JLC Advisors who is allegedly linked to missing monies totalling more than $33 million, has been arrested and is now facing a cheating charge.
The Singaporean lawyer was caught in Malaysia and brought back here on May 30. He was charged with one count of cheating in a district court last Saturday.
On Feb 19, Ong, 41, allegedly deceived CCJ Investments into believing that Suite Development had entered into a loan agreement with it.
He is then said to have dishonestly induced CCJ Investments to disburse a sum of $6 million.
Court documents said some $3.3 million was then used to refinance Suite Development's mortgage loan and about $2.7 million was deposited into JLC Advisors' client's account.
A search on Singapore's Accounting and Corporate Regulatory Authority (Acra) website revealed that Suite Development is a real estate developer registered on Sept 16, 2010. There was no information on CCJ Investments on the Acra portal.
Court documents did not reveal how or if CCJ Investments and Suite Development were linked to Allied Technologies, a client of JLC Advisors. More than $33 million had been held in escrow by JLC Advisors for Allied Technologies, and the monies went missing last month. Ong later became uncontactable.
Ong is now in remand and will be back in court on June 13.
In a statement yesterday, police said a report about the case was lodged on May 21, and they sought assistance from the Royal Malaysia Police to locate and arrest Ong. If convicted of cheating, Ong can be jailed for up to 10 years and fined.