SINGAPORE: A former personal banker will be charged on Friday (Feb 10) after he allegedly sold fake investment and financial products to cheat a customer of S$220,000.
On Dec 27, the Commercial Affairs Department were alerted to a case where a man had purportedly deceived a victim into transferring S$220,000 across seven transactions into four bank accounts, said police in a news release on Thursday.
“The man had purportedly induced the victim into making these transfers under the pretext that it would be used for placements in the bank’s fixed deposits or investment in financial products which promised good returns,” said the police.
“On the man’s instructions, the victim had made these transfers to the bank accounts belonging to third parties where the monies were never used for placement of products with the bank.”
The man’s identity was established through follow-up investigations, and he was arrested.
The 30-year-old is believed to be involved in other similar cases of scams. Investigations to identify other victims and the involvement of third parties are ongoing.
If found guilty of cheating, he can be jailed for up to 10 years and fined.
The police said they take a serious view against anyone who may be involved in offering fake investment products.
Said the police: “Members of the public are advised against acceding to such requests or instructions from bank officers, especially when the promised returns are too good to be true or if the exclusive offer is said to be expiring soon.”
