Singapore has grown into one of the world’s most important financial hubs over the past decades, and at the same time, the city-state is also well known for being very tough on financial crimes. Within one single day, the courts in Singapore slapped charges on three separate cases of financial crime. The three crimes in question have resulted in total losses of $2.6 million, and it remains to be seen how the court cases pan out.
The three offenses in question relate to three individuals, all of whom had been working in the financial industry. The first case relates to that of Shen Tse-Kuang, who had been a director at Linden Asset Management when she had been involved in the alleged crime. Shen has been alleged to have made an unauthorized transfer of the sum of $1.8 million into the account of her employer. The transaction was made on behalf of a client from BNP Paribas. The second case involves the banking operations specialists who had been employed by Pictet. Tan Chen Yen is alleged to have siphoned off $900,000 cash from the safes of the bank and then replaced them with fake currency notes. He has also been accused of cooking the books.
The third case involves a loan officer named Ng Eu Hou at the bank DBS. According to the filings, it has been revealed that Hou had allegedly duped two people into applying for loans amounting to close to $3000 by keying in their ATM pins. Once the whole thing was discovered by the victims, Hou told them it must have been an error and gave them an account where they could return the funds. However, he gave out his own account number for the transfer. The Singapore Police has previously stated that it is committed to preventing fraud in the banking and financial sector.