THE long-time head of Ren Ci Hospital, the Venerable Ming Yi, was arrested yesterday and stepped down from all his positions at the charity, according to a report by The Straits Times
He posted police bail of $200,000 last night and left the Commercial Affairs Department at the Police Cantonment Complex at about 11pm after giving his statement. He was wearing his monk robes.
The Straits Times said that the arrest comes five months after he went on long leave when the police were asked to probe the charity's finances.
The Health Ministry found 'possible irregularities' in Ren Ci's books after an audit.
At the heart of the issue were questionable loans made by the hospital, amounting to several million dollars. Some of these loans were allegedly given to companies with links to the Venerable Ming Yi.
There were also loans given to a helper with the charity as well as investments made over the years in his name.
As a result of the probe, Ren Ci lost the right to grant its supporters tax exemption for donations.