Ex-personal banker charged over allegedly cheating customer of $220k
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SINGAPORE – A former personal banker was charged on Friday after he allegedly cheated one of his customers of $220,000 with fictitious financial products.
On seven occasions between Dec 1 and 23, 2022, Loh Sheng Yang, 29, who lost his job, allegedly duped the man into believing that he was making fixed deposit placements with UOB.
The alleged victim is said to have been deceived into transferring the funds via seven transactions to four separate UOB accounts.
In an earlier statement, the police said that they were alerted to the case on Dec 27, 2022.
A police spokesman said: “The (accused) had purportedly induced the victim to make these transfers under the pretext that it would be used for placements in the bank’s fixed deposits or investment in financial products which promised good returns.”
Officers from the Commercial Affairs Department arrested Loh.
Loh is in remand at the Central Police Division, and his case has been adjourned to Feb 17.
Responding to queries from The Straits Times, UOB said Loh was immediately suspended following the start of investigations and the bank dismissed him in January 2023.
Its spokesman added: “UOB takes a zero-tolerance approach against any employee’s breach of the bank’s code of conduct, which... sets the requirement for all to uphold the highest professional and ethical standards.
“The bank will continue to extend our support to the Singapore Police Force in their investigations.”
For cheating, an offender can be jailed for up to 10 years and fined.
