A 61-year-old man will be charged in court on 11 June 2020 for his suspected involvement in a series of cheating involving loans of more than S$2 million disbursed to a company by an overseas bank located in Singapore. The man is a former Managing Director of the company.
Between May 2016 and June 2018, the man allegedly submitted numerous fictitious sales invoices with the intention to deceive the bank to fraudulently obtain financing via its factoring facility. These fictitious sales invoices revealed account receivables transactions the company purportedly had with more than 10 other companies. Investigations by officers from the Commercial Affairs Department revealed that the invoices did not belong to these companies.
The man faces 28 counts of abetment by engaging in a conspiracy to cheat under Section 420, read with Section 109, of the Penal Code, Chapter 224. Each cheating charge carries a jail term of up to 10 years, and also a fine.
Source: Singapore Police Force