S'porean man, 31, misappropriates S$1.26 million, shows ACS primary school report card to disprove 'fraudster' claims in court
The man showed a lack of remorse and delayed court proceedings by testifying on irrelevant issues.
Nadya Pang
December 22, 2025, 03:27 PM
A Singaporean man, 31, and his mother, 61, misappropriated S$1.26 million from a firm's bank account and have been handed jail sentences.
According to court documents seen by
Mothership, Ezekiel Loy Wei, 31, pilfered money from a loan granted to Yip Holdings (YHPL), of which he was a shareholder and director.
He also transferred S$850,000 from his personal bank account into the account of his mother, Gian Juat Ngim, 61, who allowed her account to be used for her son's illicit activities.
Gian later withdrew $400,000 and moved the funds to her son's second account despite having reasonable grounds to believe that Loy was engaged in criminal conduct.
On Dec. 18, Loy was sentenced to eight years and four months' imprisonment while his mother was handed two years and six months' jail.
During court proceedings, Loy presented his primary school report card to disprove claims that he was a "fraudster", stated
The Straits Times (ST).
Yip was diagnosed with post-ICU delirium
Loy met Ronald Yip, 76, sometime around the end of 2015 or early 2016, at the time Yip was the sole director and shareholder of YHPL.
Court documents stated that at the time, Yip was living alone in a Telok Kurau bungalow with an outstanding mortgage.
Yip was diagnosed with post-ICU delirium in September 2016.
At the time of the offences, Yip was found to have "significant deficits in orientation and short-term memory recall" according to cognitive tests conducted on Sep. 14, 2016.
Follow-up tests in June 2017, also showed that Yip had mild dementia.
Loy later became a shareholder and director of YHPL, and on Sep. 22 and 23, 2016, a transfer constituting 52.5 per cent of YHPL's shares was transferred from Yip to Loy.
S$4 million loan
On Oct. 6, 2016, YHPL entered a Secured Term Loan Facility Agreement with financing solutions firm ETHOZ, which granted the firm S$4 million, stated court documents.
Deputy public prosecutors Eric Hu, Ryan Lim and Xavier Tan stated that the ETHOZ loan was to be secured through a mortgage on the bungalow and personal guarantees by Loy and Yip, reported
ST.
ETHOZ retained $281,500 to cover the first repayment instalment and fees, and $2.45 million was used to discharge the outstanding mortgage.
On Nov. 10, 2016, A balance sum of S$1,268,500 was credited to YPHL's bank account.
A week later, on Nov. 18, 2016, Loy transferred the balance sum into the bank account of another firm he had set up, following which, in three transactions, he moved the amount into his personal bank account.
Loy would later transfer $850,000 to his mother's bank account and $114,000 to another personal account.
According to court documents, a doctor voiced his doubts over Yip's ability to understand the loan agreement.
"He had serious doubts that Ronald had complete understanding of the ETHOZ loan documents given that he was computationally challenged and had issues with short term recall memory."
Purchased Lucky Plaza property, Rolex & sports car
Loy purchased a property in Lucky Plaza with the funds, using $400,000 to satisfy the fixed deposit required.
He also engaged his mother to help with purchases of a Rolex watch using her credit card, he also used the funds to finance a Mercedes-Benz sports car.
The DPPs stated that there was "no evidence that suggest that Ronald had agreed to Ezekiel using the Balance sum as he did".
"There was no corporate resolution, no agreed investment strategy or targets, and none of the investments were in YHPL’s name."
The crime was brought to light around the end of 2016 to early 2017 when Yip "panicked and sought help" to lodge a police report and write letters seeking clarity and attempting to recover the balance sum.
Court documents stated that Yip did not testify as he was medically unfit to do so, as his dementia had progressed to the moderate stage in July 2020.
Presented his primary school report card
Loy showed a lack of remorse and delayed court proceedings by testifying on irrelevant issues.
ST reported that in court, Loy proclaimed that he was a "thinker" and businessman not a "fraudster".
His conduct at trial was noted as a further aggravating factor in his sentencing submission.
Loy made "numerous spurious and baseless allegations during trial" and it was noted in court documents that he mentioned irrelevant issues such as his primary school report card.
ST reported that Loy yanked out the card and read out the remarks.
"This is my primary school at Anglo Chinese School (Junior)... You look at the remarks, 'Ezekiel is a fun-loving and enterprising pupil'."
In court documents, Gian was highlighted to be "a hostile witness who refused to answer simple questions".
The sentencing
Loy and his mother, Gian, were represented by lawyers Andre Jumabhoy and Aristotle Eng.
ST reported that the lawyers argued that Yip was competent when he entered into an agreement for the ETHOZ loan.
They also asserted that the transfer of balance sum was due to an oral agreement, and that Loy genuinely believed that he was entitled to carry out the transfer.
Loy was sentenced on one charge of criminal breach of trust and 34 charges under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, also known as CDSA, for his subsequent transfers and uses of the balance sum.
Gian faces one charge under the CDSA for permitting her bank accounts to be used to receive and transfer money from her son.
Top photo from Canva and Mothership
