Ex-OCBC financial consultant cheated 5 people of $170k to settle gambling debts

Hoi Wei Kit selected victims who were not technologically savvy and relied on his explanations when they were signing up for financial products, instead of scrutinising the necessary documents.

Money, Scam

18/1/2022 6:34:00 AM

Hoi Wei Kit selected victims who were not technologically savvy and relied on his explanations when they were signing up for financial products, instead of scrutinising the necessary documents.

In a move to obtain money to settle his gambling-related debts, a financial consultant with OCBC Bank hatched a plan to dupe five of its clients of $170,000 in total. Read more at stomp.straitstimes.com

Jan 17, 2022The court heard that Hoi would contact targeted clients to inform them they were eligible to sign up for a promotional time deposit account with an attractive interest rate of either 8.88 per cent or 11.88 per cent.On Monday (Jan 17), the 34-year-old Singaporean pleaded guilty to seven charges, including five counts of cheating involving $130,000.

Deputy Public Prosecutor Dhiraj G. Chainani said Hoi had a gambling habit and was in debt by October 2017. He then decided to cheat the victims and use his ill-gotten gains to pay off his debts.As Hoi had no intention of creating a time deposit account for the victims, he let them sign only the form authorising the debit of funds from their bank accounts.

Read more: Stomp Singapore »

Ex-OCBC financial consultant admits to cheating 5 people of $170,000In a move to obtain money to ease his gambling-related debts, a financial consultant with OCBC Bank hatched a plan to dupe five of its clients of $170,000 in total. Hoi Wei Kit selected victims who were not technologically savvy and relied on his explanations when they were... Ocbc....

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