SINGAPORE – For about 10 months, a director of a meals provides enterprise conspired with certainly one of his commerce companions to forge invoices and cheat banks into disbursing greater than $2.67 million in enterprise loans.
Tay Kim Yong did this as he wanted money for A Yong, the corporate the place he’s a director and shareholder, and to pay his staff.
The 52-year-old admitted to the crime, and on Friday (April 1), was convicted of seven counts of dishonest Maybank, UOB and OCBC Financial institution.
Sixteen comparable costs can be taken under consideration for his sentencing.
The court docket heard that in 2019, Tay approached one Tan Teck Tiang, 54.
Tan was the director of Chiam Joo Seng Towgay Growers & Suppliers and 100 Chiam Joo Seng on the time.
Tay stated he needed to make use of invoices from Tan’s firm to point out that A Yong had bought greens from it.
This could permit him to use for a financial institution credit score facility based mostly on the quantity mirrored within the invoices.
The plan was for Tan to cross Tay the cash as soon as the mortgage was permitted and after the financial institution disbursed the funds into Tan’s firms accounts.
Tay assured Tan that he would pay the banks promptly and Tan agreed to assist the accused as they had been commerce companions, stated Deputy Public Prosecutor Selene Yap.
Every time Tay wanted money, he would ask his admin and accounts officer, recognized solely as Jenny, to create an bill below Tan’s firms.
Tay would write down the identify and particulars of the corporate, the outline of the provides, amount, unit of measurement, unit value and whole quantity, and the main points of the recipient checking account, which might be certainly one of Tan’s firm’s financial institution accounts.
His employees would use an Excel sheet to create an bill equivalent to the bill issued by Tan’s firms.
Tan would signal the invoices because the provider and Tay would log out because the receiver.
After Maybank, UOB, or OCBC disbursed the cash in Tan’s account, he transferred it to A Yong by a web-based switch or a cheque.
A complete of 23 fraudulent invoices had been equipped to the banks, and Tan obtained 22 payouts.
The 23 comprised 13 invoices to OCBC, six invoices to UOB and 4 to Maybank.
OCBC disbursed about $1.46 million, and recovered $1.41 million, UOB disbursed a complete of $727,735.57 and recovered $727,732.57, and Maybank disbursed about $484,000 and recovered about $151,300.
The crime got here to gentle on Jan 13, 2020, when the chief operations officer of A Yong lodged a police report saying that Tay had been falsifying and forging suppliers’ invoices to OCBC, Maybank and UOB to obtain commerce financing.
It was not talked about in court docket if Mr Tan has been handled.
Tay is scheduled to be sentenced on April 18.
For every rely of dishonest, Tay might be jailed for as much as 10 years, and fined.
