A 45-year-old former employee of an insurance company will be charged in court on 1 June 2023 with the offences of cheating, forgery, falsification of account and money laundering. The charges include false insurance claims allegedly processed or initiated by the accused while he was under employment with the insurer.
Between July 2010 and August 2016, the man allegedly created fraudulent emails on 58 occasions to cheat his employer into effecting payments of more than $1.6m to third-party bank accounts. He was further alleged to have deceived his employer into processing 297 false claim payments of more than $8.9m to third-party bank accounts from May 2010 to September 2017. Investigations showed that about $55,600 were allegedly laundered from the third-party bank accounts to the man’s personal bank accounts.
To conceal the false claim payments, the man allegedly falsified the electronic records on the company’s claims processing system by reversing or instructing others to reverse the false claim payments which the company has paid out.
The following are the punishments for the respective offences:
- Cheating under Section 420 of the Penal Code-punishable with imprisonment for a term which may extend to 10 years and a fine;
- Forgery for the purpose of cheating under Section 468 of the Penal Code, imprisonment for a term which may extend to 10 years and a fine;
- Falsification of accounts under Section 477A of the Penal Code, imprisonment for a term which may extend to 10 years, a fine, or both; and
- Money laundering under Section 47(1)(c) of the Corruption, Drug Trafficking, and other Serious Crimes (Confiscation of Benefits) Act, imprisonment for a term which may extend to 10 years, a fine, or both.
SINGAPORE POLICE FORCE
31 May 2023 @ 4:05 PM