Jail for company founder who helped clients secure nearly $1m in bank loans through forged payslips

 Daryl Sit Wei Li was sentenced to 26 months' jail.
Daryl Sit Wei Li was sentenced to 26 months' jail.ST PHOTO: KELVIN CHNG

SINGAPORE - A company founder used forged payslips to assist others in applying for bank loans.

As a result of the ruse, Standard Chartered Bank (SCB) and United Overseas Bank disbursed nearly $1 million in loans to the applicants.

The court heard that to date, applicants still owed SCB more than $360,000.

Deputy Public Prosecutors Edwin Soh and Phoebe Leau said that the bigger the loan, the more money Daryl Sit Wei Li, founder of Capable Group, earned.

They added that he managed to collect nearly $15,000 in commissions.

The 30-year-old Singaporean was sentenced on Monday (Nov 23) to 26 months' jail after pleading guilty to offences including four counts of using as genuine forged payslips which were submitted in support of bank loan applications.

The prosecutors said that Sit worked with his consultants Kim Hyun Su, Hendrick Phua Xuan Peng and Brandon Yan Zhi Hang to commit the offences.

Last month, Kim was sentenced to 19 months' jail while Phua was ordered to spend five weeks behind bars over their roles in the ruse. Yan's case is still pending.

The DPPs said: "It was the accused who engaged (the trio) to be consultants... It was also the accused who (showed) them how to inflate (their clients' earnings) and create forged payslips.

"The accused told the consultants that by inflating their client's pay on the payslips, it would increase the chances of the loan application succeeding. Capable Group would in turn earn a commission from the client for the successful loan."

The court heard that one Mr Lee Jin Fa, who was the general manager of wholesale trading company Vine and Branch, met up with Sit in March 2018, as he wanted to obtain a bank loan.

Sit then asked him to sign an SCB loan application form and leave the other details blank.

Mr Lee told Sit that he had no payslips, as he did not earn a salary at his firm. Sit then replied that he would "take care of it".

Later that month, Sit submitted Mr Lee's application form to SCB, asking for a loan of $250,000. He also submitted three forged payslips, claiming that Mr Lee earned $23,800 a month. As a result, the bank approved the loan application.

The DPPs said that Mr Lee has not fully repaid the loan and still owed the bank more than $120,000. For this loan application, Sit earned $4,668.

Sit used a similar method to obtain bank loans for others, the court heard. He has since made restitution to SCB to the tune of nearly $15,000.

On Monday, his bail was set at $60,000. He will surrender himself at the State Courts on Dec 7 to begin serving his sentence.

For each count of using as genuine a forged payslip in a loan application, an offender can be jailed for up to four years and fined.