SINGAPORE – In order to settle his gambling debts, a legal executive schemed to cheat his own firm and its long-time client out of more than $260,000.
The man, who had been employed at the law firm since 1994, had the client transfer the money on several occasions to the firm’s bank account, from which he subsequently took the money.
He told the firm’s lawyers he needed the money for office expenses and client payments on separate occasions.
On Nov 8, Ram S Naidu, 61, was convicted on six charges involving cheating, falsification of accounts, forgery and criminal breach of trust.
He agreed to have 13 other related charges taken into account for his sentencing on Dec 4.
The court head that Naidu had orchestrated his plan as he had incurred gambling debts between 2014 and 2021.
In 2014, the client had purchased a unit at Vision Exchange in Jurong East for about $1.8 million. She was put in contact with Naidu, who was tasked to help her with the conveyancing of the property.
Naidu was responsible for ensuring that the client made her payments on time. Around February 2017, he instructed her to pay the last 10 per cent of her purchase price to the law firm’s bank account, instead of to the property developer which had been the case for previous payments.
He lied that the firm would make the final payment on her behalf. She then transferred about $167,600 to the account.
Instead of making the final payment, which was due on Feb 16, 2017, Naidu lied to the lawyers at the firm that he needed to withdraw the monies for reasons such as office expenses and property payments for other clients.
In all, he made multiple withdrawals amounting to at least $167,600 to settle his gambling debts.
To cover up his tracks with the developer of Vision Exchange, Naidu drafted four letters to the developer’s lawyers to seek extensions for the client’s final payment, claiming that these were the latter’s instructions.
Naidu paid the $167,600 to the developer only on March 27, 2018, along with a late interest fee of more than $4,000. The court heard the entire sum came out of the firm’s funds. It was not said in court if the law firm knew of Naidu’s scheming at this point.