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.
In reality, Hoi had no intention of helping the clients to open time deposit accounts, and he made off with their monies instead. Hoi worked as a financial consultant with the bank from Oct 6, 2015, to April 1, 2018, the court heard. His responsibilities included selling insurance and various types of investment products to individuals as well as helping them open bank accounts with OCBC Singapore.
One would indicate the details of the time deposit account to be created in the client's name, and the other would authorise the debit of funds from the client's bank account to the time deposit account.
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