According to a police release, a 34-year-old woman and a 60-year-old man were charged on the 12 June 2020 for their suspected involvement in a series of cheating offences involving amount more than USD$340 million.
The 34-year-old woman is the former Treasury Manager, while the 60-year-old man is the former Chief Finance Officer of a company that helps other companies to obtain loan from banks.
After Investigation, it was found the duo had allegedly forged documents to 8 banks in Singapore and Hong Kong to obtain loans in 2017 and 2018.
The 60-year-old man faces a total of 58 charges while the 34-year-old woman faces a total of 63 charges. The charges include engaging in a conspiracy to cheat, abetting the offence of forgery for the purpose of cheating and abetting the entering of an arrangement to facilitate the benefits of criminal conduct.
According to the law, anyone convicted of cheating or forgery could face a jail term up to 10 years and a fine for each offence. Anyone convicted of abetting the entering of an arrangement to facilitate the benefits of criminal conduct will face a fine up to S$500,000, a jail term up to 10 years, or both