Woman jailed for US$1-million scam by issuing dud cheques

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Woman jailed for US$1-million scam by issuing dud cheques
She issued close friend dud cheques in currency exchange deal

Published on Oct 01, 2013

Aileen Neo told her friend she could get better rates to convert a total of US$1 million into local currency. -- PHOTO: SINGAPORE POLICE FORCE

By Elena Chong

A woman was yesterday jailed for 61/2 years for cheating a close friend of US$1 million, after claiming she could obtain a favourable foreign exchange rate for the funds.

The money belonged to a recycling company, and the friend acted as an intermediary to try to secure the better exchange rate.

In fact, the friend was given dud cheques and the funds - two cheques for US$500,000 - simply disappeared.

Aileen Neo, 48, pleaded guilty to two counts of cheating Mr Hia Chye Kiang, 59, the husband of an employee of the recycling company, Soon Kim Hardware Trading Co, of the funds.

The charges refer to Mr Hia as he handed the funds to Neo - even though they ultimately belonged to Soon Kim.

Get the full story from The Straits Times.