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A 34-year-old woman and a 60-year-old man will be charged in court on 12 June 2020 for their suspected involvement in a series of cheating offences involving loans amounting to more than USD$340 million disbursed to a company by eight banks located in Singapore and Hong Kong. The 34-year-old woman is the former Treasury Manager, while the 60-year-old man is the former Chief Finance Officer, of the company.

Investigations by the Commercial Affairs Department revealed that the man and woman had allegedly created fictitious sales contracts and invoices for submission to the eight banks to obtain financing between July 2017 and December 2018.

The 60-year-old man will face a total of 58 charges:

·             9 counts of engaging in a conspiracy to cheat under Section 420, read with Section 109, of the Penal Code, Chapter 224;

·             44 counts of abetting the offence of forgery for the purpose of cheating under Section 468, read with Section 109, of the Penal Code, Chapter 224; and

·             5 counts of abetting the entering of an arrangement to facilitate the benefits of criminal conduct under Section 44(1)(a) of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act (“CDSA”), Chapter 65A punishable under Section 44(5)(a) of the said Act.

The 34-year-old woman will face a total of 63 charges:

·             9 counts of engaging in a conspiracy to cheat under Section 420, read with Section 109, of the Penal Code, Chapter 224;

·             49 counts of abetting the offence of forgery for the purpose of cheating under Section 468, read with Section 109, of the Penal Code, Chapter 224; and

·             5 counts of abetting the entering of an arrangement to facilitate the benefits of criminal conduct under Section 44(1)(a) of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act (“CDSA”), Chapter 65A punishable under Section 44(5)(a) of the said Act.

Each offence of cheating or forgery for the purpose of cheating carries a jail term of up to 10 years and a fine, while each offence of abetting the entering of an arrangement to facilitate the benefits of criminal conduct carries a fine of up to S$500,000, a jail term of up to 10 years, or both.