3 financial sector professionals charged with cheating banks of more than $3.6 million

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SINGAPORE - Three professionals from the financial sector were charged in court on Wednesday (Oct 23) with cheating, criminal breach of trust and money laundering offences committed between 2009 and last year.. Read more at straitstimes.com.

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SINGAPORE - Three professionals from the financial sector were charged in court on Wednesday with cheating, criminal breach of trust and money laundering offences committed between 2009 and last year.

Shen Tsu-kuang, 51, a former director of asset management company Linden Asset Management , is one of the three people accused. Shen had acted as a proxy for the customer, relaying instructions to the bank on her behalf. He allegedly submitted instructions purportedly signed by the BNP Paribas customer to the bank to transfer more than $2.4 million into Linden Asset Management's bank account.The second person accused, Singaporean Tan Chen Yen, 36, is a former banking operations specialist with Bank Pictet & Cie .

To avoid detection, he replaced the misappropriated cash with counterfeit and blank notes, and manipulated the bank's accounts.

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