Man jailed for gambling away co-investor's deposit
By Alvina Soh | Posted: 05 September 2012 1831 hrs
SINGAPORE: A former sales director, who gambled away S$92,500 entrusted to him by his co-investor, was jailed one year and seven months on Wednesday.
Sixty-two-year-old Tan Kah Hock was found guilty of criminal breach of trust after he misappropriated money from Liu Guiling, wiping out her entire savings in the process.
Tan is also currently contesting a second charge of voluntarily causing hurt to Liu, after he supposedly punched her face and chest several times.
Investigations revealed that Tan met Liu, a permanent resident, in 2006.
She told him of her interest in purchasing a shop unit at Veerasamy Road and Tan replied that he was keen in being a joint investor.
Tan proposed that each party deposits S$100,000 into a joint bank account.
Liu agreed as she thought he would be "a good co-investor as he could read and speak English well while she could not."
The court also heard that Tan "appeared to be a successful, well-connected businessman."
Liu, after withdrawing a total of S$92,500 from her three bank accounts, handed the monies to Tan to deposit into their joint account.
When she fell short of S$7,500, Tan told her to apply for a loan.
The court heard that she did not obtain any receipt or record of their agreement the entire time.
After Liu received her S$10,000 loan, she met Tan for lunch where she intended for him to sign an IOU.
Tan signed it, but later disappeared with the documentation after he claimed that he wanted to photocopy it.
Liu was unable to contact him after that.
It was also discovered later that there was no joint account.
Tan has since admitted to gambling away all the monies that Liu had entrusted him with, at a casino in Singapore.
No restitution has been made since.
In sentencing, District Judge Low Wee Ping noted Tan's "initial genuine intention" in buying property with the victim.
However he chided Tan for "being tempted" and gambling away the money, which he described was "not insignificant."
The court also heard that Tan has a string of offences dating back to 1992.
They include property offences, vandalism, attempted cheating, and possessing obscene films.
- CNA/cc
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