Police have charged the former Director of Zenrock Commodities Private Limited (“Zenrock”), Xie Chun, and his former Operations Executive, Zhang Taiming, on Friday, 8 July 2022, for offences relating to cheating, criminal breach of trust, and forgery involving more than USD105 million.
Investigations by the Commercial Affairs Department of the Singapore Police Force revealed that sometime between February and March 2020, 45-year-old Xie Chun and 32-year-old Zhang Taiming had allegedly used forged documents to cheat the Bank of China Limited (Singapore) of a sum of USD54 million.
Both Xie Chun and Zhang Taiming are also alleged to have committed criminal breach of trust by dishonestly re-assigning to the Bank of China Limited (Singapore) the proceeds from a sale of cargo oil that it had charged to Hongkong and Shanghai Banking Corporation Limited (Singapore) and cheated Credit Agricole Corporate & Investment Bank of a sum of USD17 million.
Both accused persons face the following four charges:
- Two counts of engaging in a conspiracy to cheat under Section 420, read with Section 109, of the Penal Code;
- One count of engaging in a conspiracy to commit forgery for the purpose of cheating under Section 468, read with Section 109, of the Penal Code; and
- One count of engaging in a conspiracy to commit criminal breach of trust under Section 406, read with Section 109, of the Penal Code.
If convicted, they can be punished with imprisonment for a term which may extend to 10 years and shall also be liable to fine, for each of the cheating and forgery for the purpose of cheating charges. The criminal breach of trust charge carries a jail term of up to seven years, a fine, or with both.
The Police will spare no effort to investigate and bring offenders of serious financial crimes to justice.
SINGAPORE POLICE FORCE
08 July 2022 @ 2:30 PM