SINGAPORE: Over more than three years, a finance manager siphoned about S$1.3 million from company accounts using Internet-banking tokens meant for his CEO and general manager.
Cheng's CEO, Mr Christopher Chuang Tze Chung, applied for Internet-banking facilities for Sinopay Singapore's three UOB accounts. Mr Chuang was not aware of the existence of the physical ibanking tokens and signed the confirmation letter, before dispatching it back to Cheng.He kept all three ibanking tokens and logged into the accounts using the initial passwords UOB had provided.
He evaded detection at first by claiming that the transfers were for work-related purposes such as payments of claims and allowances, said Deputy Public Prosecutor Jordon Li.The crimes went unnoticed until February 2017, when the CEO travelled to Singapore to apply for Sinopay to be listed.
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