A 48-YEAR-OLD female bank officer has been arrested for allegedly siphoning half a million dollars in cash.

The police said a report was made at 11pm on Friday after a branch manager of the bank at Serangoon Gardens discovered that $500,000 in cash was missing.

Police were able to establish that the suspect might have taken the cash during the bank's closing hours the day before.

When she was arrested at 5am on Saturday morning, the suspect was found to have cash amounting to $1,000 and about $5,000 worth of gambling chips. Investigations are ongoing to recover the rest of the money, the police said.

If found guilty of criminal breach of trust as a servant, the suspect might face imprisonment of up to 15 years, and also a fine.