Director of property agencies charged with $15 million fraud in two transactions
2018-12-19
A director of two property agencies has been charged by the ICAC today (December 19) with fraud by inducing a purchaser and her husband to pay an additional sum of about $15 million in two property transactions.
Ngai Lok-kei, 31, sole director of Wealth Trustful Property Agency Limited (WTPA) and Grand Vision Property Limited (GVP), faces two charges of fraud, contrary to Section 16A of the Theft Ordinance.
The defendant will appear at the Tuen Mun Magistracy on Friday (December 21) for transfer to the District Court for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, the defendant, a licensed estate agent, was sole director of WTPA and GVP, which procured property transaction to earn commissions. He also held the shares of Cheerful Joy Investments Limited (CJI) through a company.
One of the charges alleges that between October 12 and November 21, 2014, the defendant falsely represented to a purchaser and her husband that the vendor of a shop in a commercial development of Kingswood Villas in Tin Shui Wai, the New Territories, had offered to sell the property at $32,000,000; and failed to disclose to the couple that he had beneficial interest in CJI after CJI had entered into a provisional agreement for sale and purchase to buy the property from the vendor, and with intent to defraud, induced the purchaser to buy the property from CJI at $28,560,000.
It was alleged that CJI had induced the couple to pay over $9.5 million more in the transaction as the couple had never been told that the vendor offered to sell the property at $19 million.
The other charge alleges that between December 19 and 23, 2014, the defendant failed to disclose to the couple that the vendor of a property consisting of two flats at an industrial building in Castle Peak Road, Kowloon had offered to sell the property at about $26,000,000, and with intent to defraud, induced the purchaser to buy the property from the vendor at $31,428,000.
It was alleged that as a result, the purchaser paid over $5.4 million more in the transaction.
The defendant has been released on ICAC bail, pending his court appearance on Friday.
Ngai Lok-kei, 31, sole director of Wealth Trustful Property Agency Limited (WTPA) and Grand Vision Property Limited (GVP), faces two charges of fraud, contrary to Section 16A of the Theft Ordinance.
The defendant will appear at the Tuen Mun Magistracy on Friday (December 21) for transfer to the District Court for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, the defendant, a licensed estate agent, was sole director of WTPA and GVP, which procured property transaction to earn commissions. He also held the shares of Cheerful Joy Investments Limited (CJI) through a company.
One of the charges alleges that between October 12 and November 21, 2014, the defendant falsely represented to a purchaser and her husband that the vendor of a shop in a commercial development of Kingswood Villas in Tin Shui Wai, the New Territories, had offered to sell the property at $32,000,000; and failed to disclose to the couple that he had beneficial interest in CJI after CJI had entered into a provisional agreement for sale and purchase to buy the property from the vendor, and with intent to defraud, induced the purchaser to buy the property from CJI at $28,560,000.
It was alleged that CJI had induced the couple to pay over $9.5 million more in the transaction as the couple had never been told that the vendor offered to sell the property at $19 million.
The other charge alleges that between December 19 and 23, 2014, the defendant failed to disclose to the couple that the vendor of a property consisting of two flats at an industrial building in Castle Peak Road, Kowloon had offered to sell the property at about $26,000,000, and with intent to defraud, induced the purchaser to buy the property from the vendor at $31,428,000.
It was alleged that as a result, the purchaser paid over $5.4 million more in the transaction.
The defendant has been released on ICAC bail, pending his court appearance on Friday.