Ex-PropNex property agent charged with moneylending offences

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A former real estate salesman with PropNex Realty has become the first salesperson in Singapore to be prosecuted by the Council for Estate Agencies (CEA) for moneylending-related offences.

Thirty-eight-year-old Ghazali Mohamed Rasul was charged on Friday with six counts under the Estate Agents Act.

He was a marketing director at PropNex Realty and had worked at the company for ten years.

Ghazali allegedly referred clients to a licensed moneylender and received payments from the moneylender.

Between November 2010 and November 2011, Ghazali is accused of introducing four clients to a licensed moneylender, AM Credit, for loans.

The clients, who had engaged his services to sell their HDB flats, took loans of between S$5,000 and S$7,000.

In return, Ghazali received two payments of S$150 from AM Credit as reward for his involvement in the moneylending transactions.

Under the Estate Agents Act, it is an offence for estate agents and salespersons to introduce, refer or recommend or suggest the use of the services of any moneylender to their clients. They are also prohibited from receiving commissions, rewards, fees, payments or any benefits from any moneylender for any moneylending transaction.

Ghazali will be back in court on 9 January.

If convicted, he could be jailed up to a year and fined up to S$25,000 for each charge.