Two women to be charged over using S$1.7 million of misappropriated funds on gambling, loans
One of the women, now aged 65, allegedly misappropriated S$1,729,000 from a bank’s vault while working there as a branch manager.
A close-up view of the State Courts building. (File photo: CNA/Ili Mansor))
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SINGAPORE: Two women will be charged in court on Wednesday (Jul 1) after they allegedly used more than S$1.7 million (US$1.3 million) of misappropriated funds to repay loans and gamble.
One of the women, now aged 65, had misappropriated cash from a bank’s vault while working as a branch manager, said the police in a news release on Tuesday.
Between May 2021 and Aug 29, 2022, the woman misappropriated S$1,729,000 from the bank to repay loans and fund gambling activities, said the Singapore Police Force (SPF).
“To avoid detection, she had falsified the cash book records of the bank on at least 206 occasions,” SPF said.
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The police were alerted to the case in September 2022, and further investigations revealed the former branch manager handed most of the misappropriated funds to a 36-year-old woman.
The police did not state how the two women knew each other.
The younger woman used the money to gamble at local casinos and on illegal remote gambling platforms, said SPF.
Between December 2021 and September 2022, she cashed in S$1,521,509 at local casinos and transferred S$790,106 to multiple third-party bank accounts to gamble remotely, the police said.
“The former branch manager cashed in a total of S$42,405 at a local casino,” SPF added.
The women will be charged on Wednesday with multiple offences, including money laundering and illegal remote gambling.
The former branch manager will be charged with two amalgamated counts of criminal breach of trust by an employee under Section 408 of the Penal Code.
She will also be handed two amalgamated counts of falsification of accounts, three amalgamated counts for transferring benefits of criminal conduct and one amalgamated count for using benefits of criminal conduct.
The younger woman will be charged with three amalgamated counts for using the benefits of criminal conduct and one amalgamated count of illegal remote gambling.
Anyone convicted of an offence under Section 408 of the Penal Code may face up to 15 years’ jail and will be liable to a fine.
Source: CNA/rl
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