Two men, aged 43 and 42, will be charged in court on 8 July 2025 for their suspected involvement in various offences under the Penal Code (Cap 224, 2008 Rev Ed) (“Penal Code”), Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap 65A, 2000 Rev Ed) (“CDSA”), Computer Misuse and Cybersecurity Act (Chapter 50A, 2007 Rev Ed) (“CMCA”) and the Computer Misuse Act (Cap 50A, 2007 Rev Ed) (“Computer Misuse Act”).
In October 2019, the Police were alerted to a case where a 43-year-old bank officer had purportedly misappropriated or made unauthorised transfers and trades from a client’s accounts.
Investigations revealed that between 9 March 2015 and 6 April 2016, the 43-year-old former bank officer had allegedly forged three funds transfer forms to transfer a total sum of $600,000 from the client’s bank account to the bank account maintained by the 42-year-old man. The 42-year-old man was alleged to have withdrawn the fraudulent proceeds amounting to $549,000 and handed them to the former bank officer on various occasions between March 2015 and April 2016.
For this, the former bank officer will be charged with three counts of forgery for the purpose of cheating under Section 468 of the Penal Code and three counts of acquiring property which represented benefits from criminal conduct under Section 47(1)(c) of the CDSA. The 42-year-old man will also be charged with three counts of acquiring property which represented benefits from criminal conduct under Section 47(3) of the CDSA.
Further investigations on the 43-year-old former bank officer revealed the following possible offences:
- Between February 2018 and September 2019, the man allegedly instigated another person to impersonate the client to perform pre-trade voice log confirmation over the phone for the execution of 48 trades in the client’s account, which were not authorised by the client. For this, he will be charged with two amalgamated counts of abetment by instigation to cheat the bank by personation under Section 419 read with Section 109 of the Penal Code.
- Between September 2018 and May 2019, the man allegedly made 12 unauthorised payments from the client’s bank account to pay credit card bills totalling $89,999.91 via the AXS mobile application and unauthorised fund transfers totalling $73,000 to third parties. For this, he will be charged with four counts of cheating and dishonestly inducing the bank to deliver the payments under Section 420 of the Penal Code, including two which are amalgamated under Section 124(4) and 124(8)(a)(ii) of the Criminal Procedure Code 2010.
- The man is further alleged to have performed unauthorised access to the client’s internet banking account on two occasions to change the client’s registered phone number to that of another person and to alter the mode of delivery of bank statements. For this, he will be charged with one count each of gaining unauthorised access to a protected computer used in connection with the provision of financial services under Section 3 of the CMCA and CMA.
The man also allegedly made unauthorised bookings for complimentary limousine airport transfer services under his client’s name on three occasions and obstructed the course of justice by disposing electronic devices which he knew contained evidence that was relevant to the Police investigations. For this, he will be charged with an amalgamated count of cheating the bank under Section 417 of the Penal Code and Section 204A of the Penal Code respectively.
Any person convicted of an offence under Section 417 and Section 419 of the Penal Code may be punished with an imprisonment term of up to three and five years respectively, a fine, or both.
Any person convicted of an offence under Section 420 or Section 468 of the Penal Code may be punished with an imprisonment term of up to 10 years and a fine.
Any person convicted of an offence under Section 47(1)(c) or Section 47(3) of the CDSA may be punished with an imprisonment for a term of up to 10 years, a fine of up to $500,000, or both.
Any person convicted of an offence under Section 3(1) punishable under Section 9(1) of the CMCA or CMA may be punished with a fine of up to $100,000, an imprisonment term of up to 20 years, or both.
Any person convicted of an offence under Section 204A of the Penal Code may be punished with an imprisonment term of up to seven years, a fine, or both.
The Police take a serious view of these offences and will not relent in taking tough enforcement action against such offenders. Bank employees who abuse their positions of trust for personal gain, and individuals who assist them in such criminal activities, will face the full force of the law.
SINGAPORE POLICE FORCE
07 July 2025 @ 4:30 PM