Man jailed 5 years over RM6 million study loan scam

Man jailed 5 years for $2.5 million study loan scam

Published on Feb 16, 2012

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Between 2006 and 2009, Go Boon Chai, 38, went on to cheat three banks of a total of $2.5 million. The former education agent was jailed five years for cheating. He had pleaded guilty two weeks ago. -- PHOTO: SINGAPORE POLICE FORCE

By Khushwant Singh

He went to take up a business management course at Brookes Business School but learnt how to obtain fraudulent study loans. Between 2006 and 2009, Go Boon Chai, 38, went on to cheat three banks of a total of $2.5 million.
It was payback time on Thursday. The former education agent was jailed five years for cheating. He had pleaded guilty two weeks ago.
A district court then heard that sometime before November 2006, the advertising assistant went to sign up for a business management course at Brookes. Go asked to pay the fees in instalments and the school's principal then, Benny Yap Chee Mun, 41, is said to have suggested he apply for a study loan instead. Court documents also state that Yap provided him with documents that inflated his course fees.
Go applied for two $20,500 study loans and was able to get $12,000 from RHB Bank and $15,500 from Citibank. These were paid to Brookes. Yap kept $9,000 and gave $18,500 to Go. It is not known if there was any payment of course fees.
Yap and Go then hatched a plan to apply for more study loans.
In late 2007, Go split from Yap over doubts about the legitimacy of some of the courses at Brookes.
Yap is claiming trial to cheating charges and his case will be heard in the months ahead : The Straits Times/Asia News Network