Former Banker Charged with 189 Counts of Cheating - 12 May 11

[Mdm Tang]

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bros what case is this ???



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Title : Former OCBC banker charged with 189 counts of cheating
By : By Shaffiq Alkhatib | Posted: 12 May 2011 1608 hrs
Date : 12 May 2011 1608 hrs (SST)




SINGAPORE:


A former OCBC banker was charged in court Thursday with 189 counts

of cheating involving more than S$61 million.

33-year-old Winnie Goh Li Ching allegedly committed the offences between 2004

and 2006.

In most of the cases, she is believed to have conspired with her alleged accomplices

to submit documents such as notices of assessment from the Inland Revenue

Authority of Singapore which contained false salary details.

She allegedly deceived the bank into approving loans by doing so.

Goh, who is out on a bail of S$700,000, is represented by lawyer, Chen Chee Yen.

Her case will be mentioned again on June 9.

Two of her alleged accomplices, both real estate agents, were also charged in court

Thursday.

38-year-old Siti Rahayu Masud faces 92 charges, and 62-year-old Lau Thuan Heng

faces 31.

Among their charges, the pair allegedly worked together with Goh to cheat OCBC

into approving loans totalling more than S$11 million.

Both were offered bail of S$500,000 each and the court heard that they intend to

engage lawyers.

They will be back in court on May 26.

If convicted of cheating, the trio can each be jailed up to seven years and fined for

each charge.

- CNA/cc

 

[Mdm Tang]

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http://business.asiaone.com/Business/News/My+Money/Story/A1Story20110512-278485.html

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Business @ AsiaOne

Trio charged with cheating OCBC

They allegedly schemed with one another to cheat OCBC Bank of mortgage loans in the millions. -AsiaOne

Thu, May 12, 2011
AsiaOne

Three people are facing between 31 and 189 charges for allegedly colluding with one another to cheat OCBC Bank of mortgage loans in the millions.

They were charged in a district court today.

According to a Straits Times report, Winnie Goh Li Ching, 33, a former bank employee, allegedly schemed with real estate agents Siti Rahayu Masud, 38, and Lau Thuan Heng, 62, on at least 14 occasions to cheat OCBC into giving mortgage loans totalling S$11 million to applicants.

Between December 2005 and May 2006, their modus operandi in cheating the bank was by submitting false income tax or Central Provident Fund documents.

Goh faces the most number of offences of cheating, involving about $61 million worth of loans. The paper reported that she is said to have acted alone on 30 occasions.

She is also said to have worked with several others 140 times to cheat the banks into giving out loans worth between S$1,350 and S$2.2 million. These allegedly occurred between 2004 and 2006.

The two real estate agents, who are both bankrupt also face charges under the Bankruptcy Act.

Siti also allegedly abetted a man to give a written false information to officers of the Insolvency & Public Trustee's Office in 2006. Because of this act, two sums amounting to S$155,374 were released to him.

 

[Sarcastic]

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Hi Summer

Judge dismisses appeals in bank scam case

By Teo Xuanwei, TODAY | Posted: 14 March 2012 0651 hrs

Former bank employee Winnie Goh Li Ching (above), 33, faces the most number of offences of cheating, involving about $61 million worth of loans. --ST PHOTO: WONG KWAI CHOW

SINGAPORE: Expect the courts to come down hard on offenders whose crimes threaten the Republic's financial integrity, said High Court judge V.K. Rajah on Tuesday, as he dismissed the appeals by three perpetrators of a multi-million-dollar scam against a bank.

Former OCBC loan officer Winnie Goh Li Ching, 34, freelance property agent Matthew Lau Thuan Heng, 63, and his assistant Siti Rahayu Masud, 39, were appealing for a lowering of the five-year jail term they each received for scamming OCBC into releasing mortgage loans using forged income documents.

Goh faced a total of 189 charges for asking contacts to forge income statements or turn a blind eye to fake income tax or CPF statements of buyers who are unable to qualify for mortgage loans.

From 2004 to 2006, she deceived her employer into lending nearly S$63 million to 170 such "clients".

By the time she was nabbed, she had pocketed almost S$56,000 from the bank in commissions and estate agents' referral fees, as well as at least another S$93,000 from crooked property agents, according to court documents.

Lau and Siti Rahayu dealt with 14 of these transactions, involving some S$11 million in loans. The duo made a profit of over S$1.2 million.

Goh's lawyer Jason Chan argued that the penalty slapped on his client was too harsh, compared with sentences for other similar cases.

He said although the fraudulent mortgage loans involved a large quantum, these were secured risks, unlike in past cases where risks were unsecured.

But Justice Rajah noted that the bank's loss went beyond the S$700,000 after foreclosures of 22 properties - the bank's brand could have been affected since the offences involved one of its officers.

Mr K. Anparasan, who acted for Lau and Siti Rahayu, said his clients should get lighter sentences than Goh because they were less culpable.

His clients' charges only involved cheating, while Goh also faced forgery charges, he said.

Justice Rajah disagreed, saying Lau and Siti Rahayu were the ones who had approached Goh.

He also noted that cases like these needed "two hands to clap", so all three should be seen as "co-authors" of the scam.

Justice Rajah added that those who perpetrate fraud or deception within or on financial institutions "ought to expect robust punishments".

"Financial integrity is the lifeblood of the marketplace here, especially for financial institutions", and those who seek to corrupt it "should not expect any sympathy", he said.

More people believed to be involved in this scam are expected to be hauled to court in the coming days, as the public prosecutor told the court that the three were just the "tip of a very large iceberg". - TODAY

 

[scbccb]

I hope she thoroughly enjoyed herself for the past 8 years and stashed enough away to last a lifetime. At least 10 year sentence.

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Goh, who is out on a bail of S$700,000, is represented by lawyer, Chen Chee Yen.

 

[Scrooball (clone)]

I hope she thoroughly enjoyed herself for the past 8 years and stashed enough away to last a lifetime. At least 10 year sentence.

By the time she was nabbed, she had pocketed almost S$56,000 from the bank in commissions and estate agents' referral fees, as well as at least another S$93,000 from crooked property agents, according to court documents.

 

[scbccb]

Something don't quite add up leh.

Goh faces the most number of offences of cheating, involving about $61 million worth of loans. The paper reported that she is said to have acted alone on 30 occasions.

By the time she was nabbed, she had pocketed almost S$56,000 from the bank in commissions and estate agents' referral fees, as well as at least another S$93,000 from crooked property agents, according to court documents.