Film Financier Devesh Chetty Jailed in Singapore

Film Financier Devesh Chetty Jailed in
Patrick Frater

Film financier Devesh Chetty was Friday ordered to serve 22 weeks in jail in Singapore following three charges of forgery.

The crimes occurred in relation to two investments made by the Singapore government’s Media Development Authority and in connection with an attempted takeover bid for Golden Village, Singapore’s largest cinema chain.

Chetty, an Australian national, resident in Singapore, was previously CEO of RGM Entertainment, the production arm of leading Australian talent agency RGM. The MDA agreed to invest a total of S$27.5 million in RGM Entertainment – an initial S$2.5 million for the company to locate in Singapore, a further $10 million for a film production fund, then S$5 million as seed money for an RGM fund with 20th Century Fox and a further S$10 million for another RGM fund with Sony Pictures Entertainment.

In November 2011 Chetty committed forgery by changing the dates and details of two emails to show that the S$15 million of MDA finance in connection to the Fox and Sony deals was still in RGM Entertainment’s bank account.

The following year, via his private company Sachmo International, Chetty borrowed S$2 million from businessman Garett Lim in order make a bid for the Village Roadshow-owned portion of shares in Golden Village. Chetty again committed forgery by changing the details of a bank statement he showed to Lim in order to prove that his money had not been misappropriated.

Chetty has since been declared as bankrupt by the High Court and his businesses wound up. RGM Entertainment is also in liquidation. Neither the S$15 million of MDA nor the S$2 million of Lim’s money has been recovered.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 1

Leave a Reply

1 Comment

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  1. Bernt Bear says:

    Unfortunately this is the tip of the iceberg for this career criminal. Devesh Chetty and his associate Ivan Kountchev (or Kunchev, depending on which passport he’s using at the time) have defrauded many companies and individuals in Singapore, Australia and beyond over the years, and for there to be a finding that funds were not misused is laughable. Since the RGM debacle was exposed in 2011 Devesh has spent every waking moment spinning elaborate lies to extract money from everyone who crossed his path, all the while living large in the finest hotels as an undischarged bankrupt facing criminal charges. He is a true sociopath – using the pathos of his wife and children’s ‘plight’ to enhance his stories. Singapore owes it to his many, many victims – by allowing him to remain at large for over 5 years while they pursued their investigation, they have enabled him to operate his scams unrestrained. He has destroyed relationships and stolen children’s educations, and remains unrepentant – even reaching out through his contacts in an attempt to solicit money whilst in detention. I hope that on his release from this pitifully short stay in prison, the full extent of his crimes can be exposed and a more appropriate punishment administered. Otherwise there is no doubt he will continue to ply his trade the moment he is released.

More Biz News from Variety