Posted By Staff Reporter
A couple in New Ireland Province were arrested and charged by Police Fraud officers with one count each of procuring execution of property at section 33 lot 20 Jaul Street Kavieng by False Pretence, and one count each of misappropriation of the said propertybelonging to Beabanum Ltd. Mrs WarinahAlomonaged 32 from New Ireland Province and partner Reinhard Ernst Mangels aged63 from Germany were arrested on the 12th and 16th of June 2020 respectively, charged and placed at the Kavieng Police Station cells awaiting their court mention this week. Police investigations revealed that property in question was mortgaged by Meabanum Ltd against an overdraft facility of K50, 000.00 with then PNGBC.
The couple owned a company called Emirau Products Limited and were looking for property to rent where they asked Mr Ben and Mrs ElizaberthKavi of Beabanum Ltd if they can rent the property and help pay off the mortgage. Both parties agreed and through the lease payments made by Emirau Products Ltd, the mortgage on the property in question was discharged. After the mortgage was discharged, the couple without the knowledge of Mr Ben and Mrs ElizaberthKavi of Beabanum Ltd fraudulently transferred the property title to Emirau Products Limited. Using the fraudulently obtained property title, the couple mortgaged the property to BSP bank which was discharged on 26 November 2013. Again on 26 November 2013, the couple mortgaged the property to the National Development Bank and had mortgaged the property on several occasions to solicit funding from unsuspecting commercial banks. The matter was then reported to the Police National Fraud & Anti-Corruption Directorate for investigation by Mr Ben and Mrs ElizaberthKavi of Beabanum Ltd in 2017 after they discovered that the property title was not registered under their company name. FM100/#PNGCorruptionWatch Next : PNG Immigration & Citizenship Authority Run By Thugs And Wantoks Comments are closed.
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