SINGAPORE - A 26-year-old man has been arrested and will be charged in court on Monday for allegedly misappropriating money and stealing luxury watches worth a total of about $1.6 million.
The suspect, who worked as a salesman at a luxury watch shop in Orchard Road, had received large sums of money from victims to buy luxury watches between September 2022 and May 2023, the police said in a statement on Sunday.
He went on to allegedly misappropriate the funds given to him and steal several luxury watches from the shop, then pawned them in exchange for cash, the police added.
“Through extensive inquiries and follow-ups, officers from Central Division recovered 23 luxury watches worth $900,000,” said the police.
The suspect will be charged in court with the offence of criminal breach of trust by an employee, added the police. If found guilty, he could be fined and jailed for up to 15 years.
On Saturday, The Straits Times reported that five investors in a scheme that buys luxury watches with their money and offers profits from selling the timepieces to others are suing its Singaporean founder and his Hong Kong-registered company for more than $2.9 million.
The plaintiffs – four businessmen and professionals from Hong Kong, and a company registered in the territory – claimed that high-profile watch expert Dominic Khoo and his company had breached their respective investment agreements and made misrepresentations.
Under the agreements, the money the plaintiffs invested was used to buy luxury watches, which were then held by them. Within a year, the fund was to “repurchase” the watches to sell them at a profit to watch collectors and buyers.
The investors alleged that Mr Khoo and his company had failed to carry out contractual obligations of repurchasing the watches and paying the sale proceeds due to them.