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 transferri
SINGAPORE: A former personal banker will be charged on Friday 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 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.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."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Real median household income in Singapore rose slightly in 2022 to S$10,099SINGAPORE — Median household income in Singapore grew 0.2 per cent in 2022 after accounting for inflation, in figures released on Thursday (Feb 9) by the Singapore Department of Statistics.
Read more »
Filipina Johanne Siy, head chef of Singapore’s Lolla, named Asia’s Best Female Chef 2023She is the first Singapore-based chef to win this prestigious award from the Asia’s 50 Best Restaurants Academy, which recognises women who have made their mark in the gastronomy world.
Read more »
Morning Digest, Feb 8 - Singapore NewsHere are the top stories you might've missed...
Read more »
Types of Insurance Plans in Singapore and Which Ones You Should Get First as a Young Adult - Singapore NewsGetting the right type of insurance can not only protect us but also ensure financial security for our family should anything unfortunate happen.
Read more »
Leon Perera: Does the government take seriously the link between housing affordability and Singapore’s fertility rate? - Singapore News“Has it (the government) studied the effect of rising and high house prices on our TFR?” he asked.
Read more »
Mandopop singer Rene Liu to hold concert in Singapore after 13 yearsTaiwanese singer Rene Liu is returning to Singapore for a solo concert after 13 years. The 52-year-old will perform at The Star Theatre on March 25 as part of her Final Call concert tour. The tour was originally slated for 2020, but put on hold due to the pandemic. It...
Read more »