The Police will be charging a 30-year-old former personal banker for his suspected involvement in a series of cheating cases involving the sale of fictitious investment and financial products by a local bank, resulting in victims sustaining losses amounting to S$ 220,000.
On 27 December 2022, the Commercial Affairs Department were alerted to a case where a man had purportedly deceived a victim into transferring cash amounting to S$ 220,000 across seven transactions into four separate bank accounts in December 2022. The man had purportedly induced the victim into making these transfers under the pretext that it would be used for placements in the bank’s fixed deposits or investment in financial products which promised good returns. On the man’s instructions, the victim had made these transfers to the bank accounts belonging to third parties where the monies were never used for placement of products with the bank.
Through follow-up investigations, officer from the Commercial Affairs Department established the identity of the man and arrested him. Preliminary investigations revealed that the man is believed to be involved in other similar cases of scams. Investigations to identify other victims and the involvement of the third parties are ongoing.
The man will be charged in court on 10 February 2023 with cheating under Section 420 of the Penal Code 1871.The offence of cheating carries an imprisonment term of up to ten years and a fine.
Banks in Singapore adopt a strict compliance process when handling customers’ funds meant for fresh placements in the bank’s investment product. Customers should be concerned if the bank officer:
- instructs them to transfer funds to an unnamed bank account;
- instructs them to transfer funds to a third-party bank; or
- asks to collect cash directly from them outside of the bank’s premises.
The Police take a serious view against any person who may be involved in offering fictitious investment products. Perpetrators will be dealt with in accordance with the law. Members of the public are advised against acceding to such requests or instructions from bank officers, especially when the promised returns are too good to be true or if the exclusive offer is said to be expiring soon.
SINGAPORE POLICE FORCE
09 February 2023 @ 9:10 PM