{"id":122748,"date":"2021-10-22T03:31:02","date_gmt":"2021-10-21T20:31:02","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-agent-charged-for-failing-to-report-suspicious-property-transaction\/"},"modified":"2021-10-22T12:13:38","modified_gmt":"2021-10-22T05:13:38","slug":"real-estate-agent-charged-for-failing-to-report-suspicious-property-transaction","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-agent-charged-for-failing-to-report-suspicious-property-transaction\/","title":{"rendered":"Real estate agent charged for failing to report suspicious property transaction"},"content":{"rendered":"


\nIf convicted under the Estate Agents Act, the 42-year-old PropNex Realty agent faces up to six months imprisonment and\/or a fine of up to $10,000.
\nReal estate agent Charles Tan Chun Peng has been charged on Wednesday (20 October) with failing to report a suspicious transaction for a condominium unit in Upper Serangoon, reported TODAY.
\nThe transaction that the 42-year-old PropNex Realty agent oversaw involved a condominium unit at Kingsford Waterbay.
\nIn August last year, police received a complaint that an Option to Purchase (OTP) for a private property unit was rescinded since the buyer was an undischarged bankrupt and the co-buyer was below 21 years old.
\nCourt documents showed that the buyer was Ho Ah Leng, while the co-buyer was his son, Harold Ho Kuo Lung.
\nIn October 2016, the buyer had told Tan that he would be paying the unit\u2019s 5% booking fee of $44,300 in cash since he did not have a bank account.
\nTan allegedly collected $11,000 from the buyer on the spot and deposited the money in his bank account, which he jointly owns with his wife. He agreed to collect the remaining $33,300 the following day.
\nOn 19 October 2016, Tan went over to the buyer\u2019s home and collected $32,300, which was placed in a plastic bag. The police noted that Tan had taken a photo of the bag, which he sent to another real estate agent.
\n\u201cThe photograph was accompanied with Mandarin words which literally translate to mean \u2018cannot see the light\u2019, but colloquially used to mean \u2018shady\u2019,\u201d said the police as quoted by TODAY.
\nTan deposited the cash in three tranches into the joint bank account and handed a cheque to Kingsford Property Development, the developer of the private property, as planned.
\nA few days later, however, the buyer\u2019s ex-wife told the agent that Ho Ah Leng was an undischarged bankrupt and is operating illegal gambling dens, said the police.
\nThe ex-wife then asked for the acquisition to be made void and for the money to be returned.
\nCourt documents stated that while Tan had reasonable grounds to suspect that the money came from the buyer\u2019s criminal conduct, he did not file any suspicious transaction report on the property acquisition.
\nWith this, he faces three charges \u2013 one for failure to lodge a suspicious transaction report and two under the Estate Agents Act for holding transaction money on behalf of a developer for the sale or purchase of a property.
\nTan, who has indicated his intent to plead guilty, is set to return to court on 1 December.
\nHe faces up to six months imprisonment or up to $10,000 fine, or both if convicted under the Estate Agents Act.
\n\u201cIf convicted under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, he could be fined up to $20,000,\u201d said TODAY.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Real estate agent charged for failing to report suspicious property transaction<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If convicted under the Estate Agents Act, the 42-year-old PropNex Realty agent faces up to...<\/p>\n","protected":false},"author":1,"featured_media":122749,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-122748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Judge-holds-court-hammer.original.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vVO","jetpack-related-posts":[{"id":123591,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-fined-5000-for-holding-transaction-monies\/","url_meta":{"origin":122748,"position":0},"title":"Property agent fined $5,000 for holding transaction monies","date":"December 3, 2021","format":false,"excerpt":"\r The PropNex Realty property agent, Charles Tan Chun Peng, was fined $5,000 for holding $32,300 of developer transaction monies. A property agent was fined $5,000 on Wednesday (1 December) for holding transaction monies on behalf of a developer for the acquisition of a condominium unit. This comes after Charles\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/law-house-hammer.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":26141,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-property-agent-fined-for-handling-clients-money\/","url_meta":{"origin":122748,"position":1},"title":"Former property agent fined for handling client\u2019s money","date":"September 15, 2016","format":false,"excerpt":"\r The cash amounting to $93,000 is the biggest sum involved, revealed the Council for Estate Agencies (CEA). A former property agent was convicted on Wednesday for handling his client\u2019s transaction money amounting to $93,000. Under the Estate Agents Act, it is an offence for property agents to handle any\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67340,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-punished-for-flouting-cea-rules\/","url_meta":{"origin":122748,"position":2},"title":"Property agent punished for flouting CEA rules","date":"September 25, 2017","format":false,"excerpt":"\r In the latest case, a PropNex agent was suspended for almost one year and fined $6,000 for flouting the rules when representing an elderly couple in the sale of their HDB flat. 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