Duo to be charged with cheating 8 banks in Singapore, HK of more than S$470m
A 60-year-old man and a 34-year-old woman are facing a litany of charges under the Penal Code and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
SINGAPORE — A former chief finance officer, 60, and a former treasury manager, 34, will be charged on Friday (June 12) with cheating eight banks in Singapore and Hong Kong of more than US$340 million (S$472 million).
The duo allegedly created fake sales contracts and invoices to obtain financing from the eight banks between July 2017 and December 2018, the police said in a statement on Thursday.
Investigations by the police’s Commercial Affairs Department showed that the banks then disbursed the loans to their company.
The police did not identify the duo, the company they worked for, or the banks they allegedly cheated.
The two suspects face a litany of charges under the Penal Code and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
The chief finance officer, who is male, faces a total of 58 charges, while the female treasury manager faces 63 similar charges.
The man faces nine counts of engaging in a conspiracy to cheat, 44 counts of abetting forgery for the purpose of cheating, and five counts of abetting an arrangement to facilitate the benefits of criminal conduct.
The woman will be charged for nine offences of conspiring to cheat, 49 for abetting forgery and five for abetting an arrangement to facilitate the criminal benefits.
Each offence of cheating or forgery for the purpose of cheating carries a jail term of up to 10 years and a fine.
They can also be fined up to S$500,000 and jailed 10 years for each charge of abetting the entering of an arrangement to facilitate the benefits of criminal conduct.
