Former bank manager to be charged over allegedly taking $1.8m from bank vault
Sign up now: Get ST's newsletters delivered to your inbox
The 65-year-old woman allegedly used the funds to repay loans and fund gambling activities.
PHOTO: ST FILE
- A former bank manager allegedly took nearly $1.8 million from a bank vault between 2021 and 2022, and used the money to repay loans and gamble.
- She falsified cash book records over 206 times to hide the theft, while a 36-year-old woman used most of the stolen money for gambling at casinos and illegal platforms.
- Both women face multiple charges, with potential jail terms up to 15 years and fines up to $500,000.
AI generated
SINGAPORE – A former bank manager is set to be charged on July 1 after allegedly taking almost $1.8 million from a bank vault between 2021 and 2022.
The police said in a statement on June 30 that between May 2021 and Aug 29, 2022, the 65-year-old woman misappropriated a total of $1,729,000 from the bank’s vault while she was employed as the bank’s branch manager. She allegedly used the funds to repay loans and fund gambling activities.
To avoid detection, she falsified the cash book records of the bank on at least 206 occasions, said the police.
Further investigations found that she allegedly gave a majority of the misappropriated monies to another woman, 36, who used them to gamble at local casinos and on illegal remote gambling platforms.
Between December 2021 and September 2022, the younger woman cashed in $1,521,509 at local casinos and transferred $790,106 to various third-party bank accounts for remote gambling, said the police.
Meanwhile, the former bank manager allegedly cashed in a total of $42,405 at a local casino.
She will be charged with two amalgamated counts of criminal breach of trust by an employee, two amalgamated counts of falsification of accounts, three amalgamated counts for transferring benefits of criminal conduct, and one amalgamated count for using benefits of criminal conduct.
If found guilty, she could be jailed for up to 15 years, fined up to $500,000, or both.
The 36-year-old woman will be charged with three amalgamated counts for using benefits of criminal conduct and one amalgamated count of illegal remote gambling.
If found guilty, she could be jailed for up to 10 years, fined up to $500,000, or both.
The police said they take a firm stance against criminal breach of trust offences, especially those committed by persons in positions of trust and authority.
“Such acts undermine corporate governance and erode public confidence in the integrity of Singapore’s financial system,” said the police.
They added that they will not hesitate to act against those who abuse their position for personal gain, as well as individuals who assist in such criminal activities.