MAN CHARGED FOR CHEATING FIVE BANKS OF OVER S$3.7 MILLION AND US$4.7 MILLION

A 60-year-old man has been charged in court on 20 December 2019 for cheating five banks into granting credit facilities to his company.

The man was a director of SPE Technology (Singapore) Pte Ltd (SPE Technology). Between March 2007 and January 2011, he instructed for the invoices of a supplier of SPE Technology to be submitted to five banks, to support SPE Technology's requests to use their credit facilities. The purported supplier featured in all these invoices was FSL Business Enterprise (Singapore) Pte Ltd (FSL Business Enterprise). The prosecution is alleging that that there were in fact no such transactions between the two companies. Over the four year period, the banks disbursed over S$3.7 million and US$4.7 million to FSL Business Enterprise based on the invoices submitted to them. Those sums were subsequently transferred to SPE Technology.

The man was charged with 75 counts of cheating and dishonestly inducing delivery of property under Section 420 of the Penal Code. For each charge, if convicted, he faces imprisonment for a term which may extend to 10 years, and shall also be liable to a fine.

Source: Singapore Police Force