On 1 April 2022, 52-year-old, Tay Kim Yong (“Tay”), the Director of A Yong Private Limited (“A Yong”), was convicted in court for seven counts of engaging in a conspiracy to cheat three banks of more than S$2.6 million using fake invoices on purported purchases of vegetables from 1 February to 13 December 2019.
Sometime in early 2019, Tay’s company was experiencing cashflow problems, when he approached 54-year-old Tan Teck Tiang (“Thomas”), who is the Director of Chiam Joo Seng Towgay Growers & Suppliers Private Limited (“CJS”) and 100 Chiam Joo Seng (“100 CJS”), for assistance. Tay requested that Thomas allow him to use fake CJS or 100 CJS invoices for A Yong’s purported purchases from CJC or 100 CJS to obtain loans via A Yong’s factoring agreement with banks, whenever he needed the funds.
With Thomas’ agreement, Tay directed his staff to create the invoices, identical to invoices issued by CJC or 100 CJS. Between February and December 2019, Tay provided his staff with the details of purported vegetable purchases on 23 occasions. On each occasion, after receiving the printed invoices from his staff, Tay would get Thomas to endorse his signature on the invoice. Tay would also sign the invoice to falsely indicate receipt of the goods. The invoice was then submitted together with the loan application to the banks, which resulted in the bank disbursing the loan amount to CJS or 100 CJS bank accounts.
Upon receiving funds from the banks, Thomas would then make online transfers of the funds or issue a cheque for the amount in favour of A Yong. Tay would then use the funds received for his company operations and to pay his workers.
As a result of the accused’s actions, OCBC, Maybank and UOB had disbursed loans amounting to $1,466,808.5, $484,051.42 and $727,735.57, respectively.
Tay was first charged in court on 19 January 2022 with 22 counts of engaging in a conspiracy to cheat under Section 420, read with Section 109, of the Penal Code (Chapter 224, 2008 Revised Edition), punishable with imprisonment for a term which may extend to 10 years and a fine. Tay was also charged with one count of engaging in a conspiracy to cheat under Section 420, read with Section 116, of the same Code, punishable with imprisonment for a term which may extend to one-fourth part of the longest term provided for that offence, with such fine as is provided for that offence, or both.
SINGAPORE POLICE FORCE
18 April 2022 @ 7:05 PM