Director of real estate firm to be charged after misappropriating $400k in condo maintenance fees
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The director of a real estate management firm is expected to be charged for criminal breach of trust by agent and forgery-related offences.
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SINGAPORE – For seven years from 2017 to 2024, the director of a real estate management firm allegedly misappropriated more than $400,000 in maintenance fees paid by residents of four condominiums.
The 55-year-old woman is expected to be charged in court on Dec 17 for her suspected involvement in cases of criminal breach of trust by agent and forgery-related offences, the police said in a statement on Dec 16.
The police added that they received several reports about the woman’s alleged crimes between April 2021 and May 2024.
As the appointed managing agent of the four condominiums, her company’s responsibilities included handling the monthly maintenance fees from residents. The police did not name the woman or her firm.
While the normal procedure is for residents to issue cheques to their condo’s bank accounts, the woman offered alternative payment modes to the residents, such as paying her in cash or making transfers to her company’s bank account.
She also allegedly falsified invoices, forged bank documents and audited financial statements to conceal her misappropriation, the police said.
If convicted of criminal breach of trust as agent, the woman can be jailed for up to 20 years and fined.
For forgery for the purpose of cheating, she can be jailed for up to 10 years and fined.
If convicted of falsification of accounts, she can be jailed for up to 10 years, fined, or both.
