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Ex-sales manager jailed for cheating StanChart
By Alvina Soh | Posted: 06 October 2011 1743 hrs
SINGAPORE: A former sales manager was jailed four years on Thursday for conspiring with his employees to cheat Standard Chartered Bank of more than S$1.7 million.
Abdul Karim Baba, 61, faced 10 counts of abetting the cheating and dishonest inducement of delivery of property while 164 other similar counts were taken into consideration.
The court heard that Abdul Karim was the manager of direct sales agency Touch & Tech.
The company was engaged by Standard Chartered Bank to tele-market its loans and Abdul Karim received a commission for every loan obtained.
Between July and October 2009, he had conspired with three agents to present false documents to the bank.
The documents were forged pay slips that inflated the monthly incomes of loan applicants or forged letters of extension for employment.
The act deceived the bank into disbursing between S$5,000 and S$12,500 to the applicants each time.
More than S$1.7 million in loans were given out and about 70 borrowers had defaulted, costing the bank nearly S$770,000.
Abdul Karim earned nearly S$7,000 in commissions and bonuses during the period of the offences.
The court also heard that he held monthly meetings with his agents to discuss forgery tactics, and encouraged junior agents to learn forgery from their seniors.
