SINGAPORE: A man and a woman will be charged in court for their suspected involvement in cheating offences involving loans amounting to more than US$340 million (S$472 million), said the Singapore Police Force (SPF) on Thursday (Jun 11).
The loans were disbursed to a company by eight banks in Singapore and Hong Kong, according to SPF’s news release.
Investigations by the Commercial Affairs Department revealed that the duo allegedly created fake sales contracts and invoices for submission to the banks in order to obtain financing between July 2017 and December 2018.
They will on Friday face multiple charges including engaging in a conspiracy to cheat, abetting the offence of forgery and abetting the entering of an arrangement to facilitate the benefits of criminal conduct.
The 34-year-old woman, a former treasury manager at the said company, will face a total of 63 charges while the 60-year-old man, who was its former chief financial officer, will face 58 charges.
Each offence of cheating or forgery for the purpose of cheating carries a jail term of up to 10 years and a fine.
They may also be liable to a fine of up to S$500,000, a jail term of up to 10 years or both for each offence of abetting the entering of an arrangement to facilitate the benefits of criminal conduct.
Published at Thu, 11 Jun 2020 15:10:37 +0000