A 30-year-old former personal banker allegedly sold fake financial products by an unspecified bank and cheated a customer of about $220,000.
He has since been fired from his job and will be charged in court today with cheating.
The Singapore Police Force said in a press release that they were first alerted to the cheating case on 27 December 2022, with the victim being deceived into transferring the funds into 4 separate bank accounts through 7 transactions.
He had purportedly induced the victim into making the 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.
The man was then arrested by Commercial Affairs Department officers and after investigations, was revealed to have been allegedly involved in other similar scams.
The Singapore Police Force added that banks in Singapore adopt a strict process when it comes to handling funds meant for fresh placement in a bank’s investment products and that customers should be concerned if a banker tells them to transfer money to a third-party bank or an unnamed bank account.
They should also be concerned if a banker tells them to hand over cash outside of a bank’s premises.
The Singapore Police Force also urged customers to engage service providers from reputable sources and not to make advance payments or direct bank transfers.
They said that “Scammers may entice buyers to make deposits before the services are provided, and they may also use a local bank account or provide a copy of a NRIC or driver’s licence to make you believe that they are genuine sellers.”