On 18 November 2021, a 38-year-old Singapore Permanent Resident, Chen Qiaoling, a former sales agent for Genneva Pte Ltd (Genneva), was convicted and sentenced to a total of 12 months’ imprisonment for two counts of cheating punishable under Section 417 of the Penal Code. One other charge under the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act was taken into consideration for the sentencing.
Genneva is a Singapore-registered gold investment company that sold gold bars under a buyback scheme between 2008 and 2012. Under the scheme, Genneva sold gold bars to customers and promised returns of up to 36% on their investment with the company over a contract period. Subsequently, the customers were told to deposit the gold bars with the company for inspection purposes and were promised an equivalent quantity of gold after three working days. Genneva is believed to have collected around 3,500 kg of gold from the customers.
The Purchasing Head of Genneva, Choo Chee Loong (“Choo”) was tasked to pawn gold bars collected from customers under the gold inspection scheme. Due to limits on the weight of gold that a person could pawn, Chen Qiaoling agreed to help Choo to pawn 3kg of gold by falsely stating her name on the pawn tickets as the pawner, and then handing over the loans totalling $166,500 received for the pawned gold, as well as three pawn tickets, to Choo on 23 August 2012.
On 29 September 2012, Chen Qiaoling falsely reported the loss of the three pawn tickets to the pawnshop, even though she knew that they were not lost. The pawnshop gave her a declaration form for her to sign and declare the loss of the pawn tickets. On the same day, Chen Qiaoling affirmed the declaration form before a Commissioner for Oaths.
Thereafter, Chen Qiaoling submitted the false declaration form to employees of the pawnshop and dishonestly induced the employees to deliver the 3kg of gold to her, which she had previously assisted Choo to pawn. Chen Qiaoling eventually sold the gold bars to the United Overseas Bank for approximately S$208,827.
The offence of cheating punishable under Section 417 of the Penal Code, carries an imprisonment term of up to three years, or fine, or both.
SINGAPORE POLICE FORCE
18 November 2021 @ 9:20 PM