SINGAPORE – A former manager with DBS Bank has admitted to cheating seven victims, including his own uncle, of nearly $1.4 million in total.
The bulk of the money was used to fund an online gambling habit, and pay for his wedding and renovations.
Court documents showed the largest sum of money Benjamin Chung Hiang Wee took was from his 62-year-old uncle, an odd-job worker.
In total, the 32-year-old duped his uncle into transferring $441,850 to Chung’s bank accounts.
The former wealth planning manager, whose job scope included recommending and selling financial products from insurance company Manulife (Singapore), had convinced his uncle that he could earn between 4 and 5 per cent in interest rate if he invested in a “two-year fixed deposit scheme”.
Deputy Public Prosecutor (DPP) Joseph Gwee said: “In truth, the whole fixed deposit scheme never existed, and (Chung) used the money… to support his online gambling.
“He had no intention of opening a fixed deposit account for (his uncle).”
