Corporate Case

A man was on Tuesday charged with 72 counts of cheating, involving $1 million.

Zamri Zainal, 34, is claiming trial to deceiving 72 timeshare buyers into believing that Great Eastern Trust and Asset Management Co would take over their interest in various clubs and establishments, and dishonestly inducing them to deliver money to Axial Management.

He is alleged to have duped the victims into handing over sums of $5,750 to $30,000 between 2007 and 2008.

Included among the 20-odd timeshare companies were Concept Vacation Club, Club Emperor, Royal Goan Beach Club and Viva Le Concierge Club.

In timesharing, customers pay between $5,000 and $25,000 upfront, in return for a fixed number of holiday stays over several years at a specific place.

No restitution has been made by the accused, who is represented by Mr Subhas Anandan.

The prosecution had initially sought bail of $300,000 but this was reduced to $200,000 by the court.

Zamri’s passport has been impounded by the police.

The case was adjourned to May 23. If convicted of cheating, he could be jailed for up to seven years and fined on each charge.