SINGAPORE — Jeffrey Ong, the lawyer who went missing along with more than S$33 million from a client's escrow account, has been arrested and charged with one count of cheating under Section 420 of the Penal Code.

The managing partner of JLC Advisors was charged last Saturday (June 1).

The lawyer had gone missing after engineering firm Allied Technologies said on May 23 in a Singapore Exchange (SGX) filing that it was making a police report. This was after it was told by JLC Advisors — the law firm holding its escrow account — that S$33.4 million from the account may have been paid out under Ong's instruction.

The charge sheet showed that on Feb 19, Ong allegedly deceived a company called CCJ Investments into believing that another entity called Suite Development had entered into a loan agreement with it.

Ong also allegedly "dishonestly induced" CCJ Investments to disburse a sum of S$6 million. Some S$3.3 million was then used to refinance Suite Development's mortgage loan and about S$2.7 million was deposited into the client account of JLC Advisors.

The maximum sentence for cheating is 10 years' jail and a fine.

Following Allied Technologies' revelations, SGX RegCo — the regulatory arm of SGX — said that it will object to any future appointments of Ong as a director or executive officer of any company listed in Singapore.

Besides Ong’s possible involvement with the missing money, SGX said that he has also resigned as the independent director and acting non-executive chairman of Annica Holdings on May 20 due to personal reasons.

Other than making a police report, Allied Technologies also reported the case to the Law Society of Singapore and “commenced legal proceedings”.