The POs were issued following the individuals' convictions in the State Courts for offences involving fraud and dishonesty, MAS said.
Purushottam, whose PO will last 25 years, forged signatures and banking documents to deceive Barclays into transferring about US$10 million from three clients’ accounts to a third party for payment of his debts between May 2020 and January 2013. He also engaged in a number of unauthorised stock and foreign exchange trades in an attempt to generate profit to reduce the loans and shortfalls in his clients’ accounts. These unauthorised trades caused further net losses of at least US$10 million to Barclays.
The client had entrusted Liaw with his Internet banking security token and login details after the former bank representative helped the client apply for Internet banking facilities. He was convicted of cheating, unauthorised use of a client’s Internet banking security token, and concealing the benefits of criminal conduct. He was sentenced to 46 months’ jail.
The pair, who were colleagues, conspired with a chiropractor to cheat Manulife in order to grow their respective insurance and chiropractic businesses.
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