In a startling case that underscores the risks car owners face when dealing with unscrupulous dealers, a Singaporean man was recently deceived into transferring the ownership of his Porsche by a dealer promising favourable Certificate of Entitlement (COE) renewal rates.
This incident sheds light on the importance of vigilance and due diligence in vehicle transactions.
The Deceptive Scheme
The saga began when Mr. Tan, a car enthusiast, sought to renew the COE for his Porsche Panamera.
The COE, a substantial cost for car owners in Singapore, led Mr. Tan to seek ways to reduce the expense. He was drawn to an offer from Atlantic Automobile, promising attractive COE renewal rates.
The managing director of Atlantic Automobile, Tor Kar Wai, suggested that transferring the car’s ownership to the dealership would facilitate a better renewal rate.
Trusting this advice, Mr. Tan agreed, and the ownership was transferred.
The Porsche Con
However, instead of fulfilling his promise, Tor used the transferred Porsche to secure a S$100,000 loan from Dickson Capital, unbeknownst to Mr. Tan and his wife.
Tor forged a purchase receipt with the woman’s signature to prove ownership of the car. The funds from the loan were used to pay off other debts rather than renewing the COE as promised.
The deception came to light when Dickson Capital repossessed the Porsche in September 2021, leaving the victim and his wife in shock.
To reclaim the car, Mr. Tan had to settle Tor’s outstanding debt, resulting in a personal loss of nearly S$70,000.
The Toyota Fraud
Tor’s fraudulent activities extended beyond this single incident.
In February 2022, he deceived another customer who intended to purchase a Lexus and trade in her Toyota Harrier. After selling the Toyota for S$64,652, Tor used the proceeds to settle his personal debts and gamble, rather than completing the Lexus purchase as agreed.
The Lexus owner, unpaid, repossessed the vehicle, leaving the second victim without the Lexus or the money from her Toyota sale.
Legal Consequences
The court sentenced Tor Kar Wai, aged 53, to three years in jail for cheating and criminal breach of trust. He pleaded guilty to these charges, with three additional charges taken into consideration.
This was not Tor’s first brush with the law; he had a past conviction for criminal breach of trust in 2005.
Deputy Public Prosecutor Tung Shou Pin emphasised the gravity of Tor’s actions, highlighting the significant financial and emotional trauma inflicted on his victims.
Despite the defence’s plea for leniency, citing Tor’s financial struggles during the COVID-19 pandemic, the court acknowledged the severe breach of trust and the substantial amounts misappropriated.
Lessons for Car Owners
This case serves as a stark reminder of the potential risks associated with vehicle transactions and the importance of exercising caution.
Here are some key takeaways for car owners:
- Verify Dealer Credentials: Always ensure the dealership is reputable and licensed. Look for reviews and testimonials from other customers.
- Document Everything: Maintain detailed records of all transactions and communications. Insist on written agreements and scrutinise all documents.
- Consult Experts: Seek advice from independent automotive experts or legal advisors before making significant financial decisions.
- Be Wary of Unusual Requests: Be sceptical of requests for ownership transfers or other non-standard procedures.
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