A former relationship manager was jailed for six years on Monday for cheating the daughter of late banker-philanthropist Khoo Teck Puat of $2 million.
Bernard Lim Seng Soon, 39, was working in Deutsche Bank in 2010 and 2011 when he cheated Madam Khoo Bee See, 79, of $2 million in September 2010.
He had pleaded guilty to cheating her as well as five offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act by transferring, converting and using the benefits of his criminal conduct.
Lim, who faced 18 charges, has made full restitution of the amount.
Deputy Public Prosecutor Muhamad Imaduddien said that Madam Khoo had been Lim's client since he worked in DBS Bank in 2007.
Lim would contact one Rosie Cheong for all communication on details of new investment products for Madam Khoo. Ms Cheong would usually relay the message to Madam Khoo.
On Sept 24, 2010, Lim spoke to Ms Cheong and proposed an investment product which was fictitious. He arranged for a short-term loan with the bank for Madam Khoo's investment in the phoney product.
While talking to Madam Khoo, he dishonestly concealed from her that the funds would actually be disbursed to his wife Jamie Ho Ai Lin through her RBS Coutts Bank's staff account in Hong Kong and eventually used for his personal gain. Ms Ho was then working as a private banking officer.
Madam Khoo agreed to take up the loan. A cashier's order was credited into Ms Ho's staff account on Sept 29 that year. Lim then used the money to buy shares and to pay off gambling debts and other loans. He also transferred some of the money to his personal account.
Among the 12 charges taken into consideration was a charge of cheating Madam Khoo's sister, Khoo Bee Leng, of $2 million. This was paid back to her a day later on Sept 30, 2011.