Man charged with conspiring to cheat banks of $130m

Chinese national accused of working with Singaporean to cheat banks like DBS, Maybank

A Chinese national has been accused of working with a Singaporean company director to cheat banks here of nearly $130 million.

Wang Zhiguo, 56, was charged on Wednesday in a district court with 81 counts of cheating, involving banks such as DBS and Maybank Singapore.

He allegedly worked with Ng Kheng Wah, also 56, to commit the offences between 2014 and 2016.

Last July, Ng was charged with supplying luxury items worth about $6 million to North Korea, in contravention of sanctions imposed on the country by the United Nations, and cheating banks of about $130 million.

He faced 80 counts of offences under the United Nations Act and 81 cheating charges.

The cases involving him are pending.

In the latest case, Ng allegedly instructed his Singapore-registered general wholesale trade company, T Specialist International, to submit false invoices to the banks to support its application for trade financing loans.

  • 81

    Counts of cheating Chinese national Wang Zhiguo was charged with on Wednesday.

    $150k

    Bail offered to Wang. He will be back in court on April 10.

These invoices were purportedly issued by a company, known as Pinnacle Offshore Trading, to T Specialist for the sale of items such as Pokka Milk Coffee, Watari Instant Noodles and White Rabbit candies.

The banks were then said to be duped into handing over the monies to Pinnacle.

Court documents did not disclose how Pinnacle was linked to the two men.

 

On Wednesday, Wang was offered bail of $150,000 and will be back in court on April 10.

For each count of cheating, an offender can be jailed for up to 10 years and fined.

A version of this article appeared in the print edition of The Straits Times on March 16, 2019, with the headline 'Man charged with conspiring to cheat banks of $130m'. Print Edition | Subscribe