Dodgy Raine & Horne estate agent Kamal Sehgal stole $280,000 via bogus Brighton property deal
A shonky real estate agent and prominent member of Melbourne’s Indian community stole $280,000 via a bogus Brighton property deal and is yet to repay a cent.
Inner South
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A dodgy real estate agent stole $280,000 via a bogus multimillion-dollar Brighton property deal.
Kamal Sehgal, 46, pleaded guilty in the County Court on Monday to fraud charges including obtaining a financial advantage by deception.
Sehgal was managing director and sole agent of Raine & Horne Brighton when he committed his skulduggery in March last year.
The fraudster approached the owner of a vacant land on North Rd Brighton and offered to sell it for her but she told him she wasn’t interested.
Sehgal badgered the woman until she agreed to sell the vacant lot and the neighbouring property as a ludicrous $12 million package deal, just to “get rid” of him.
However, Sehgal, whose Bay St franchise was haemorrhaging cash, agreed to the woman’s outrageous terms.
Sehgal then ensnared George Bakoulas after the diamond dealer came looking for property to develop in Brighton.
Sehgal drove Mr Bakoulas to the North Rd lot, then convinced his victim he could pick up the land for $2.8 million.
Sehgal took a $280,000 deposit, telling his victim, “trust me, I will get it done for you.”
In reality, there was no deal and the property owner had no idea who Mr Bakoulas was nor did she know he had given Sehgal a deposit, the court heard.
The deposit was immediately transferred into accounts controlled by Sehgal.
Mr Bakoulas cancelled the deal and asked for his deposit back, but Sehgal, dodged questions and made excuses, giving Mr Bakoulas two cheques which bounced.
Sehgal also forged a contract of sale to string his victim along.
Mr Bakoulas reported Sehgal to police who arrested and charged the scammer in May last year.
Sehgal’s real estate licence and his KS & CO Pty Ltd business licence were cancelled days later.
Consumer Affairs Victoria compensated Mr Bakoulas the full $280,000 via the Victorian Property Fund.
Sehgal, via his lawyer, blamed his thievery on Raine & Horne franchise costs – including office rent and fit out expenses- and “bad luck”.
Sehgal’s lawyer said none of the stolen cash was spent on “luxury goods or an unearned luxurious lifestyle”.
“The offending was an improper attempt to keep the business supporting him, his
family and his staff afloat when it fell into a cash flow crisis,” defence counsel Neville Rudston said.
The wheeler-and-dealer, who now claims to be a “consultant”, doesn’t mind big-noting himself on social media as the successful guy with fast bikes and luxury cars.
The court heard he entered the real estate game in 2010 after working as a gold and diamond wholesaler between Australia and Kuwait.
The court heard Sehgal was a “formerly respectable member of the community” in business, at his Hindu temple and within the Brighton Lions Club.
“His reputation is ruined and he has brought shame on himself and his family,” Mr Rudston said.
Mr Bakoulas, in his victim statement read to the court, said he and his family suffered mental health issues after the fraud.
Judge Liz Gaynor said Sehgal caused “very great suffering” after Mr Bakoulas requested the fraud be locked up for the full 10-year maximum.
“He’s making false representations … he’s entirely using his position (to commit a breach of trust,” Judge Gaynor said.
Sehgal, who now lives in Doreen, had his bail extended for sentencing on September 17.
The court heard Sehgal wants to repay his debt and has a cheque for $20,000 ready to go.
Sehgal will be deported if sentenced to more than 12 months’ jail, the court heard.
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