SINGAPORE: A former financial consultant with OCBC Singapore cheated five of his clients of S$170,000 in fake time deposits, picking existing clients whom he knew were not technologically savvy and who would trust his explanations.
In a bid to pay off his gambling and personal debts, Hoi devised a scheme to defraud his existing bank clients. He took into account several factors, such as the types of forms needed and which account to transfer the victims' funds to. The bank branch manager lodged a police report a few days later, saying that internal investigations showed there was no such deposit placed in the victim's name.
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