Man charged with misappropriating more than S$3.5 million

Man charged with misappropriating more than S$3.5 million

Gavel 06
Photo illustration of a gavel. (Photo: Jeremy Long)

SINGAPORE: A 51-year-old man was charged in court on Tuesday (Jun 16) with misappropriating more than £2 million (S$3.5 million) from funds entrusted to him.

The man, who holds both Russian and South African citizenship, is accused of misappropriating the funds between Apr 9, 2015 and Sep 14, 2016, police said in a news release.

He then converted and transferred the funds to 14 corporate bank accounts, most of which were controlled by him, the police added.

To conceal this, he allegedly forged three statements of account to deceive others into believing that the statements were made by financial institutions, police added.

Officers began investigations in Jan 2018 after a report was lodged against the man.

The man is also accused of failing to maintain registers of registrable controllers and nominee directors for his company, during the time he was director between November 2014 and June 2019.

 If convicted of forgery and criminal breach of trust, the man could be jailed for up to four and seven years respectively, fined or both.

The offence of money laundering carries a jail term of up to 10 years, or a fine of up to S$500,000 or both.

If his company is found to commit statutory breaches under the Companies Act, he is liable to a fine of up to S$5,000.

Source: CNA/ta

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