SINGAPORE: A service manager at a Maybank Singapore branch incurred credit card debts and suffered heavy losses from trading in the foreign exchange market (Forex).
He began borrowing money from his friends, family and licensed moneylenders to pay off his debts and began gambling to recoup his losses.
Eventually, he began taking money from the bank's safe, stealing about S$1.4 million (US$1 million).
Phua Kai Liang, a 34-year-old Singaporean, was sentenced to jail for three years and 10 months on Wednesday (Sep 27).
He pleaded guilty to two charges of criminal breach of trust as an employee and converting criminal proceeds into casino chips, with a third charge taken into consideration.
The court heard that Phua worked as the service manager for Maybank's Choa Chu Kang branch at Block 304, Choa Chu Kang Avenue 4.
He managed the employees there and oversaw the day-to-day operations of the branch, including counting the cash in the safe, disarming and arming the security alarm, and opening and closing the branch. He reported directly to the branch manager.
He was entrusted with the cash stored in the safe and was given a key to unlock the cabinet housing the safe, which was then opened with a combination password and another key.
In early 2021, Phua incurred credit card debts that he could not repay. This was due to heavy losses that he suffered from trading in the Forex market.
Out of desperation, he borrowed money to pay off his debts and gambled at the casino, hoping to get some cash and pay off his debts.
In March 2021, he decided to begin funding his gambling and Forex trading using cash from the bank's safe.
He would either deposit the misappropriated money into his bank account to be used for Forex trading or his own expenses, or use the money to buy casino chips to gamble at Marina Bay Sands.
If he had any winnings from gambling, he would return money to the safe and use the excess to pay off his debts, to do more trading or to pay his bills.
Phua would ensure that the cash would be returned before the start of the next business day to avoid detection.
He would also make sure that the number and denomination of the notes tallied with the cash records kept at the branch.
Phua misappropriated a total of S$1,439,250 from the safe between Mar 23, 2021 and Jun 10, 2021.
BUSTED WHEN HE LOST ALL THE MONEY
His scheme unravelled in June 2021 when he took S$404,000 from the safe and used it to gamble, but lost the entire sum.
He had no choice but to tell his parents and fiancee about what happened. His fiancee encouraged him to confess to his wrongdoing and agreed to help him make full restitution to Maybank.
She gave him S$404,000 in cash, which Phua returned to the safe. Phua then confessed to his employer and the branch manager about what he had done.
Deputy Public Prosecutor Leong Kit Yu asked for a jail term of between 48 and 60 months. He said Phua had abused the rights he had for his own personal gain and would have continued his gambling habit had he not lost the sum of S$404,000.
However, he noted that Maybank did not suffer any loss because the sums were returned to the safe, including the S$404,000 that Phua's fiancee helped to pay.
Defence lawyer Riko Isaac asked for 36 to 45 months' jail instead, saying that his client was in a very difficult financial situation, "albeit of his own doing".
"He does acknowledge that ultimately he is the architect of his own disaster," said the lawyer.
The judge noted that the value involved in this case was very high, and that Phua had abused the trust of his employer.
She also noted that he had taken steps in concealing the crime, but considered that full restitution was made.
She granted Phua a deferment to serve out his notice with his employer and to settle his personal affairs.
https://www.channelnewsasia.com/sin...amble-casino-forex-trading-14-million-3802181
