A 27-year-old man will be charged on 5 September 2024 for his alleged involvement in the following offences:
- Four counts of cheating under Section 420 of the Penal Code 1871; and
- Two counts of attempted cheating under Section 420 read with Section 512(1) of the Penal Code 1871.
In June 2023, the Police received a report from a local bank that the 27-year-old man, a wealth planning manager, had allegedly promoted fictitious fixed deposit products to his customers which promised high interest rates.
Investigations revealed that, between 7 March 2022 and 1 March 2023, the 27-year-old man had allegedly deceived four victims, aged between 46 and 68, to transfer a total sum of $348,000 to the man’s personal bank accounts under the pretext that it would be used for placements in fixed deposits allegedly offered by the bank. He had told the victims that it was a fixed deposit promotion that would earn them a high interest rate.
The 27-year-old man also attempted to cheat two other customers, but they did not take up the offer.
The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term which may extend to 10 years, and shall also be liable to a fine.
The Police take a serious stance against any person who may be involved in offering fictitious financial products. Members of the public are advised against acceding to such requests or instructions, especially when the promised returns are too good to be true.
SINGAPORE POLICE FORCE
04 September 2024 @ 10:45 AM