SINGAPORE: A 60-year-old former company director was charged on Friday (Dec 20) for cheating five banks into granting his firm credit facilities.
So Seow Tiong, who was a director at electronics firm SPE Technology (Singapore), had duped the banks of more than S$10 million in total.
He is accused of giving instructions to have invoices from a supplier of SPE Technology submitted to five banks between March 2007 and January 2011, police said in a news release.
This was to support the company's requests to use the banks' credit facilities, they added.
The prosecution alleged that there were no such transactions between SPE Technology and the purported supplier, FSL Business Enterprise (Singapore).
“Over the four-year period, the banks disbursed over S$3.7 million and US$4.7 million (S$6.4 million) to FSL Business Enterprise based on the invoices submitted to them,” police said, adding that the money was subsequently transferred to SPE Technology.
The man was charged with 75 counts of cheating and dishonestly inducing delivery of property.
If convicted, he could be sentenced to up to 10 years in jail and a fine for each charge.