SINGAPORE - A former bank officer is expected to be charged on Tuesday (Oct 8) with defrauding his victims of more than $1.9 million.
Police said in a statement on Monday that the 33-year-old former senior personal banker allegedly committed cheating and money laundering offences between February 2015 and April 2018.
This resulted in his victims losing over $1.9 million.
He is accused of defrauding his victims by getting them to place their money in bogus fixed deposits and invest in fake financial products. To assure his victims, he is suspected of using forged documents.
The man is also accused of attempting to obstruct the course of justice by attempting to tamper with the evidence of two witnesses after he suspected that the police were investigating the matter.
Commercial Affairs Department officers were involved in the investigations.
The former bank officer is expected to face more than 90 charges.
Of these, he is slated to face six counts of criminal breach of trust by agent. If convicted, he could be imprisoned for life, or be jailed for up to 20 years and fined for each charge.
He is also expected to face 65 counts of converting or transferring benefits of criminal conduct, or money laundering. If found guilty, he could be jailed for up to 10 years, fined up to $500,000, or both.
