Former pawnshop director to be charged for misappropriating more than S$5.4m

Former pawnshop director to be charged for misappropriating more than S$5.4m

File photo of handcuffs 02
Photo illustration of a man in handcuffs. (Photo: Jeremy Long)

SINGAPORE: A 34-year-old man will be charged in court on Tuesday (Jun 16) for misappropriating more than S$5.4 million from a pawnshop where he was employed at the time, the police said in a news release.

The man is accused of causing unauthorised cash cheques to be drawn on the pawnshop's bank account between June 2013 and August 2018.

"To give the false impression that the cash cheque withdrawals were legitimate, he created fake pawn tickets not backed by pledges and falsified corresponding entries in the company’s database," said the police on Monday.

His actions led the pawnshop to incur a total financial loss of more than S$5.4 million.

"The man allegedly used the misappropriated funds to gamble at the casinos, service the interest payments for the monthly renewals of the fake pawn tickets and make dividends distribution to shareholders of the company," said the police.

The man is also accused of using the misappropriated funds to buy branded watches and as down payment for a luxury car.

If found guilty of criminal breach of trust, the man faces up to 15 years in jail and a fine.

He will also be charged with falsification of accounts, cheating and related money laundering offences.

Source: CNA/dv(ac)

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