On 13 March 2025, 58-year-old Zhang Jinxia (“Zhang”), a former sales agent for Genneva Pte Ltd (“Genneva”), was sentenced to nine months’ imprisonment for the following offences:
- 1 count of an offence under Section 420 of the Penal Code (“Penal Code”); and
- 1 count of an offence under Section 47(1)(b) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (“CDSA”).
On 6 March 2025, Zhang was convicted of both charges after a trial. She is the second former sales agent for Genneva to be convicted for cheating a pawnshop by falsely reporting the loss of pawn tickets.
Zhang has filed an appeal against her conviction and sentence.
Background
Genneva was a Singapore-registered gold investment company that sold gold bars under a buyback scheme between 2008 and 2012. Under the scheme, Genneva sold gold bars to customers and promised returns of up to 36% on their investment with the company over a contract period. Subsequently, the customers were told to deposit the gold bars with the company for inspection purposes and were promised an equivalent quantity of gold after three working days. Genneva was believed to have collected around 3,500 kg of gold from the customers.
The Purchasing Head of Genneva, Choo Chee Loong (“Choo”) was tasked to pawn gold bars collected from customers under the gold inspection scheme. Due to limits on the weight of gold that a person could pawn, Zhang Jinxia agreed to help Choo to pawn 3kg of gold by falsely stating her name on the pawn tickets as the pawner, and then handing over the loans totalling $168,000 received for the pawned gold, as well as three pawn tickets, to Choo on 24 August 2012.
Investigation Findings
On 29 September 2012, Zhang Jinxia falsely reported the loss of the three pawn tickets to the pawnshop, even though she knew that they were not lost. The pawnshop gave her a declaration form to sign and declare the loss of the pawn tickets. On the same day, Zhang Jinxia affirmed the declaration form before a Commissioner for Oaths.
On 1 October 2012, Zhang Jinxia submitted the false declaration form to an employee of the aforesaid pawnshop and dishonestly induced the employee to deliver the 3kg of gold to her, which she had previously assisted Choo to pawn. On the same day, she pawned the 3kg of gold at another pawnshop for a cash loan of $168,000. The 3kg of gold was subsequently seized by the Police.
Any person who commits an offence under Section 420 of the Penal Code shall be liable on conviction to a fine and to imprisonment for a term which may extend to 10 years.
Any person who commits an offence under Section 47(1)(b) of the CDSA shall be liable on conviction to a fine not exceeding $500,000 or to imprisonment for a term not exceeding 7 years or to both.
SINGAPORE POLICE FORCE
13 March 2025 @ 2:25 PM