NEWS RELEASES

07 October 2019

Former Bank Officer To Be Charged With Defrauding More Than $1.9 Million

Following investigations by officers from the Commercial Affairs Department, a 33-year-old former Senior Personal Banker will be charged in court on 8 October 2019 for allegedly committing amongst others cheating and money laundering offences between February 2015 and April 2018, which resulted in his victims sustaining losses totalling $1,969,000.

The man is accused of having defrauded his victims into parting with their monies under the pretext that it would be used towards placements in fixed deposits or investments in financial products. To assure his victims, he also allegedly resorted to the use of forged documents. The man is also accused of attempting to obstruct the course of justice by attempting to tamper with the evidence of two witnesses after he suspected that the Police had commenced investigations.

The man will be charged in court on 8 October 2019 with the following offences: 

  1. Six counts of criminal breach of trust by agent under Section 409 of the Penal Code. If convicted, he faces imprisonment for life, or with imprisonment for a term which may extend to 20 years and shall also be liable to fine for each charge;

  2. One count of forgery for the purpose of cheating under Section 468 of the Penal Code. If convicted, he faces imprisonment for a term which may extend to 10 years and shall also be liable to fine;

  3. 11 counts of cheating and dishonestly inducing a delivery of property under Section 420 of the Penal Code. If convicted, he faces imprisonment for a term which may extend to 10 years and shall also be liable to fine for each charge;

  4. One count of attempted cheating and dishonestly inducing a delivery of property under Section 420 read with Section 511 of the Penal Code. If convicted, he faces imprisonment for a term which may extend to 5 years and shall also be liable to fine;

  5. Eight counts of forgery under Section 465 of the Penal Code. If convicted, he faces imprisonment for a term which may extend to 4 years, or with fine, or with both for each charge;

  6. Two counts of attempting to obstruct the course of justice under Section 204A read with Section 511 of the Penal Code. If convicted, he faces imprisonment for a term which may extend to 3.5 years, or with fine, or with both for each charge; and

  7. 65 counts of converting or transferring benefits of criminal conduct (money laundering) under Section 47(1)(b) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. If convicted, he faces imprisonment for a term which may extend to 10 years, or a fine not exceeding $500,000, or to both.

PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
07 October 2019 @ 6:55PM

Last Updated on 09 October 2019