SINGAPORE: A man accused of cheating a woman into transferring S$1.5 million to a bank account for a loan of S$15 million said in court on Friday (Jan 7) that he is a “respectable businessman” who has completed multimillion-dollar development projects.
Wong Poh Kun, 68, said: “So why would I cheat someone for a small sum of S$1.5 million? It doesn’t make sense at all.”
On Friday, Wong was handed one charge of cheating. He is accused of cheating a woman on Feb 27 last year, by deceiving her into believing that the S$1.5 million she was transferring to Asia Alternative Fund’s bank account was meant for a loan of S$15 million.
The victim then transferred the S$1.5 million to a DBS bank account.
A police news release on Thursday stated that the victim filed a report in July last year saying she wanted to obtain a S$15 million loan and was asked to make payment of S$1.5 million to a loan broker to secure the loan.
In return, she would purportedly receive the loan in tranches. The police said in their release that S$1.25 million of the S$1.5 million was allegedly retained by the suspect and the remainder was paid to the loan broker.
The suspect then remained uncontactable and allegedly failed to deliver on the loan. Officers conducted an operation and arrested the man two days ago, seizing his electronic devices.
Preliminary investigations indicate that he is believed to be involved in other similar cases, the police said.
On Friday, the prosecutor asked for Wong to be remanded for a week for investigations. She said he is required for raids to recover exhibits and for scene visits.
Wong, who was unrepresented, said he previously had colon cancer and is overdue for a colonoscopy, adding that he has high blood pressure and chest pain.
“So to keep me in remand, I realise that it’s not fair, because I have cooperated with the IO (investigating officer) through every aspect,” he said.
He said he could be placed in hospital so the police could still communicate with him.
“I do not agree to be remanded for a further period as I have ongoing business transactions I need to do in order to repay the complainant,” he said.
He claimed he had gone through a mitigation process with the victim in court, with a settlement agreement prepared.
“I have been given time to make payment to her by next week, so I need time to make all these … arrangements so I can settle the payment with her,” said Wong. “This case would not be necessary then.”
He added that he has been “a respectable businessman in Singapore” for the past years, completing multimillion-dollar development projects in Singapore, Malaysia and China.
“So why would I cheat someone for a small sum of S$1.5 million? It doesn’t make sense at all. Since we have already come to a point of a settlement … I felt this … charge against me is unfounded,” he said.
The judge said it was not the right forum for him “to decide if it makes sense for you or not”, but ordered that the investigating officer ensures Wong has access to medical attention when required.
If convicted of cheating, Wong can be jailed for up to 10 years and fined.
He is set to return to court next month, when he is expected to be given a fresh charge under the Bankruptcy Act.