By Leo Khaw –
The Telecom Credit Co-operative Society Ltd (TCC) of Singapore is under Police probe for alleged cheating offences under Section 420 of the Penal Code. TCC is a non-profit financial institution in Singapore offering credit facilities to their members.
Arising out of a civil case over the foreclosure of a property owned by Mr Kumar Appavoo, the court found, among other things, that no security services had been provided to guard the repossessed premises, for which charges were levied and deducted from the sale proceeds.
TCC also levied for fittings like window grilles that were never installed, but have deducted as restoration costs after the foreclosed property was sold. The court ordered TCC to pay Mr Appavoo $28,800 in costs.
A quick check on the TCC website shows high profile PAP members or ex-PAP members as advisors in this cooperative. The advisors are: Mr Eric Cheong, a former Member of Parliament; Mr Eugene Wong, former Deputy Assistant Commissioner of Police; and Mr K.P. Munirathnam a former CEO of a bank and has held many key positions in the finance industry.
TCC was not available for comment at the time of publishing.