Debated in Parliament on 8 Apr 2013.
Ms Sylvia Lim asked the Minister for National Development since the formation of the Council for Estate Agencies, how many cases have been lodged with the Council on real estate agents instigating or facilitating arrangements for the sale of HDB flats to repay illegal moneylenders and what is the outcome of investigations and the actions taken.
CEA has investigated a case where a salesperson, who is also the Key Executive Officer of an estate agent, was involved in unlicensed moneylending activities. The Police has charged the salesperson in Court in November 2012 for unlicensed moneylending. The case is pending Court hearings.
CEA has also investigated five salespersons who were engaged in conduct related to activities of licensed moneylenders. CEA has charged one of the salespersons in Court in December 2012 for six charges relating to referral of clients to licensed moneylenders, which is an offence under the Estate Agents Regulations. The case is pending Court hearings. The CEA investigations are still ongoing for the remaining four cases.
CEA works closely with agencies, such as the Police, HDB and the Registry of Moneylenders, as well as the public, to investigate cases of salespersons involved in moneylending activities. CEA takes a very stern view of any estate agents or salespersons who work in collusion with moneylenders, and will not hesitate to prosecute any estate agent or salesperson involved in Court. The estate agent or salesperson may face debarment by CEA if convicted.
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