Indian-origin faces fraud charges in SingaporeNRI Top Stories

January 28, 2017 11:54
Indian-origin faces fraud charges in Singapore

A Singapore based Indian-origin has been charged with multiple counts for helping others to fraudulently obtain cash payouts and bonuses amounting to $760,000.

S Chandran a 35 year old was charged yesterday (27th January) with 58 counts of helping 49 claimants to fraudulently get state-funded Productivity and Innovation Credit (PIC) cash payouts and bonuses amounting to 1.1 million Singapore dollars ($760,000).

A new agency reported the case as one of the biggest case of its kinds involving an alleged PIC promoter in the country. Chandran is the owner of firm Paradize Consultancy and was offered bail for 200,000 Singaporean dollars. Chandran will return to court on February 3rd.

Chandran was the winner of “International Magicians Society’s Merlin Award” in the year 2014; he acted as a PIC broker and received about 400,000 dollars from the payout. He also holds a doctorate in the magic studies from the United States, the report said.

The alleged offenses occurred between June 2013 and November 2014. The Inland Revenue Authority of Singapore (IRAS) has conducted extensive investigations into a number of suspicious PIC claims.

The Inland Revenue Authority of Singapore investigated the case and found many of the suspicious claims were linked somehow to Chandran. Around 200 people were called up to help in the investigations.

The Inland Revenue Authority of Singapore scheme offers tax deductions or cash payouts to all the companies that invest in fields such as staff training, information technology or automation equipment to boost their productivity.

If convicted, Chandran will face a mandatory penalty of four times the amount of cash payout or PIC bonus. He could also face a fine of up to 50,000 dollars or a jail term of up to five years per charge.

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Tagged Under :
Singapore  India  NRI  S Chandran  Paradize Consultancy