Recent ICAC Cases

03
Feb 2021
Property agent charged with fraud over stamp duty

The ICAC today (February 3) charged a property agent for conspiring with a property buyer to deceive the Inland Revenue Department (IRD) into levying a lesser amount of stamp duty by understating the transaction price of a property by $500,000.

The ICAC investigation arose from a corruption complaint. Subsequent enquiries revealed the alleged offence.

Ng Tsz-hin, 28, former property agent of Style House Properties Agency Limited (Style House Properties), faces one count of conspiracy to defraud, contrary to Common Law.

The defendant will appear at the Tuen Mun Magistrates’ Courts on Friday (February 5) for plea.

At the material time, the defendant was a licensed property agent of Style House Properties. In September 2016, he arranged a client to view a property in Yuen Long listed for sale at about $2.8 million. The client was interested in purchasing it and the defendant was instructed to negotiate the selling price with the vendor. The client subsequently agreed to purchase the property at $2.5 million. 

The charge alleges that between September 3 and November 30, 2016, the defendant conspired together with the aforesaid client to defraud the IRD by dishonestly and falsely representing to the department that the purchase price of the abovementioned property was $2 million while the actual price was $2.5 million, and induced the IRD to levy a lesser amount of ad valorem stamp duty.

It is alleged that the client would have paid an ad valorem stamp duty of $45,000 less should the IRD accept $2 million as the purchase price.

The IRD and Style House Properties have rendered full assistance to the ICAC during its investigation into the case.

The defendant has been released on ICAC bail, pending his court appearance on Friday.

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