Two charged for conspiring to cheat DBS, StanChart and Malayan Bank in application of loans worth S$1.7m

Two charged for conspiring to cheat DBS, StanChart and Malayan Bank in application of loans worth S$1.7m

singapore dollar bank notes
A customer withdraws Singapore dollar notes from an automated teller machine (ATM). (File photo: Roslan RAHMAN / AFP)

SINGAPORE: Two Singaporeans were charged in court on Thursday (Jul 11) for conspiring to cheat DBS Bank, Malayan Bank (Singapore) and Standard Chartered Bank (Singapore) in the application of more than S$1.7 million in business loans.

Tan You Jia, 48, and Lee Beng Yong, 50, also allegedly bribed two bank officers.

Police had received information that forged bank statements were submitted for business loan applications at the three banks, said the Singapore Police Force and the Corrupt Practices Investigation Bureau (CPIB) in a joint news release.

The offences took place between 2014 and 2015.

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According to the police and CPIB, investigations revealed that Tan and Lee had approached individuals with little to no experience in dealing with commercial businesses to become company directors.

Tan and Lee then allegedly helped the directors apply for business loans with the banks, ranging from S$50,000 to S$500,000 each.

“The loans were ultimately not used for the business of the company,” said the joint news release.

Tan and Lee are also accused of handing bribes totalling S$10,500 to two bank officers from Malayan Bank and StanChart. This was for “showing favour” to loan applications submitted by the directors, said the police and CPIB.

If found guilty of corruption, they can be each be jailed for up to five years and fined up to S$100,000.

For cheating and dishonestly inducing a delivery of property, they can be jailed for up to 10 years and fined, if convicted.

Source: CNA/jt(gs)

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