A debt collection firm founder has been sentenced to 81 months’ jail after misappropriating more than S$1.2 million in total, including S$280,000 in currency notes that he later gambled away at Resorts World Sentosa.
Farm Boon Tet, 37, was sentenced on Friday, 2 October, after pleading guilty to four counts of criminal breach of trust and one unrelated charge of performing a rash act.
Seven other charges were considered during sentencing.
Misappropriated Nearly S$976,000 From Debt Collection Companies
Farm, a Malaysian and Singapore permanent resident, founded three debt collection companies: Empire Debt Collection, Empire DC Holdings and Empire SG Debt Recovery.
The court heard that the companies were incorporated between 2020 and 2022.
According to the prosecution, Farm brought in friends to be shareholders and directors because he could not obtain the licence needed to operate debt collection services.
He later became an employee of the companies and managed their daily operations, including hiring staff and handling money.
Between April 2023 and April 2025, Farm conspired with another man, 31-year-old Chua Yi An, to misappropriate nearly S$976,000 from Empire Debt Collection and Empire SG Debt Recovery.
The money had been paid by clients and was meant to be used for debt collection services.
The court heard that Farm shared the misappropriated money with Chua, and used his portion for personal expenses.
Woman Handed Him Currency Notes Worth S$280,000
The court also heard about a separate case involving a 40-year-old woman who ran a business selling unspecified “rare items” with her husband.
Farm, who was a long-time customer of the couple, told the woman in October 2024 that he knew a businessman from China who wanted to buy S$1,000 and S$10,000 currency notes.
The notes were worth S$340,000 in total.
He told the woman she could earn a profit because the supposed buyer would pay above the notes’ value.
A week later, the woman met Farm at a Sentosa hotel and handed him the notes.
Farm later returned and said the buyer rejected some of them because of their serial numbers. The supposed buyer allegedly bought only some of the notes for S$62,870.
The next day, Farm contacted the woman again and said the buyer was ready to purchase the remaining notes for S$294,610.
The woman then handed him the remaining notes, worth S$280,000.
However, Farm did not complete the sale. Instead, he went to the casino at Resorts World Sentosa, exchanged the notes for casino chips and gambled away the money.
He has returned S$4,000 to the woman, but has not made further restitution.
Also Admitted to Throwing Water Bottle at Car
Farm also admitted to an unrelated rash act charge.
In April 2024, he threw a water bottle at a car and caused a dent after claiming that the driver had shown him a lewd hand gesture.
Court documents did not state how Farm’s offences came to light. He was charged in court in 2025.
His lawyers had asked for a six-year jail term, saying he was in financial difficulty, had committed the offences to repay personal debts and had also gambled.
Farm’s bail was set at S$20,000 on 2 October. He is expected to begin serving his sentence on 13 November.
Criminal breach of trust generally refers to dishonestly misappropriating property that someone has been entrusted with, or using it in a way that breaches the trust placed in the person.
