Former bank officer receives jail, fine for cheating offences and assisting loan shark
Published on Jan 16, 2014 2:24 PM
In 2011 and 2012, Manisah Mohamed Ariff, then a DBS bank officer, fabricated lucrative investment schemes to cheat a distant relative of $110,000. Now unemployed and heavily pregnant with her first child, the 33-year-old was jailed for 15 months and fined $30,000 on Thursday for the cheating offences and for assisting a loan shark.
A district court heard that in mid-2011, she convinced Ms Zaiton Junid to "invest" $50,000 in a foreign exchange investment scheme allegedly operated by a forex brokerage firm in Cyprus.
Investors were to receive $625 a month over 10 years, amounting to a total payment of $75,000, but payments to Ms Zaiton stopped after the fifth month. However, Manisah was able to talk her relative into handing over another $60,000 to participate in a DBS Employees Share Option programme in July 2012. This, too, was fictitious.
In September 2012, Ms Zaiton suspected she had been cheated and made a police report. Police investigations then revealed that in June 2012, Manisah had assisted a loan shark by handing over an ATM card and allowing the unlicensed moneylender to use her bank account for his illegal business.
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