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Singapore
Mar 22, 2010
Ex-bank RM jailed 7 months
<!-- by line --> By Elena Chong, Courts Correspondent
<!-- end by line -->
<!-- end left side bar --> <!-- story content : start --> A FORMER relationship manager of a bank was jailed for seven months on Monday for fraudulent transfers of about US$41,600 from a client's account to other customers' accounts and forgery. Indian national Abhay Singhal, 31, committed the offences as he had problems meeting the monthly revenue target set by his employer, ABN Amro Bank.
He pleaded guilty to two charges of deceiving the bank into believing that Mr Srinath Subrahmanyan had authorised the transfer of US$25,000 and US$12,000 to two other accounts in late 2008. He also admitted to three charges of forging documents relating to Zurich International Life Vista plans of his clients last year. Deputy Public Prosecutor Hon Yi said Mr Srinath of Bangalore deposited US$50,000 into his ABN Singapore's account for the monthly payment for his Vista plan, a regular investment plan offered by Zurich International Life.
Abhay transferred US$25,000 from Mr Srinath's account to another Indian client Nilesh Giria's account to start off the Vista plan after Mr Nilesh had second thoughts about investing US$8,000 monthly in the plan. In the case of Mr Deepak Datwani, he agreed to invest US$6,000 monthly in the Vista plan. But after the first instalment, he failed to send any more money. Abhay then transferred US$12,000 from Mr Srinath's account to Mr Deepak's account to prevent it from lapsing.
Abhay's lawyer Anand Nalachandran said his client deeply regretted the lapse in judgment. He said Abhay did not cause any financial loss to the bank nor did he get any personal benefit. Full restitution had been made. But District Judge Jasvender Kaur felt that a nominal sentence would not do in this case as the offences involved a degree of deliberation and determination. Abhay, who had 24 other charges considered, could have been jailed for up to 10 years on each cheating charge, and up to four years on each charge of forgery.
Mar 22, 2010
Ex-bank RM jailed 7 months
<!-- by line --> By Elena Chong, Courts Correspondent
<!-- end by line -->
<!-- end left side bar --> <!-- story content : start --> A FORMER relationship manager of a bank was jailed for seven months on Monday for fraudulent transfers of about US$41,600 from a client's account to other customers' accounts and forgery. Indian national Abhay Singhal, 31, committed the offences as he had problems meeting the monthly revenue target set by his employer, ABN Amro Bank.
He pleaded guilty to two charges of deceiving the bank into believing that Mr Srinath Subrahmanyan had authorised the transfer of US$25,000 and US$12,000 to two other accounts in late 2008. He also admitted to three charges of forging documents relating to Zurich International Life Vista plans of his clients last year. Deputy Public Prosecutor Hon Yi said Mr Srinath of Bangalore deposited US$50,000 into his ABN Singapore's account for the monthly payment for his Vista plan, a regular investment plan offered by Zurich International Life.
Abhay transferred US$25,000 from Mr Srinath's account to another Indian client Nilesh Giria's account to start off the Vista plan after Mr Nilesh had second thoughts about investing US$8,000 monthly in the plan. In the case of Mr Deepak Datwani, he agreed to invest US$6,000 monthly in the Vista plan. But after the first instalment, he failed to send any more money. Abhay then transferred US$12,000 from Mr Srinath's account to Mr Deepak's account to prevent it from lapsing.
Abhay's lawyer Anand Nalachandran said his client deeply regretted the lapse in judgment. He said Abhay did not cause any financial loss to the bank nor did he get any personal benefit. Full restitution had been made. But District Judge Jasvender Kaur felt that a nominal sentence would not do in this case as the offences involved a degree of deliberation and determination. Abhay, who had 24 other charges considered, could have been jailed for up to 10 years on each cheating charge, and up to four years on each charge of forgery.
