Chitchat Two Sinkies Stole A Staggering $5.1M ! Go To Jail But Get To Keep The Loot!

[JohnTan]

SINGAPORE: Two former employees of the Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society (SSBC) were convicted on Tuesday (Aug 15) of committing “a massive public institutional fraud” that went undiscovered for six years and netted the women a staggering S$5,111,828.

Arni Ahmad, 42, was sentenced to 12 years’ jail and Hanati Jani, 49, was jailed for nine years and eight months. None of the money they stole has been recovered.


Deputy Public Prosecutor Kenneth Chin said the pair spent their millions on luxurious European holidays, gym memberships, staycations at five-star hotels, home renovations and personal expenses. Both women also transferred a portion of the money to Australia, Indonesia and Malaysia.

Arni, who was an assistant manager at SSBC for eight years, pleaded guilty on Thursday to 20 of 467 charges, including 14 for cheating, three for criminal misappropriation and three for acquiring the benefits of criminal conduct.
Hanati, an administrative executive for five years, pleaded guilty to 20 of 275 charges, including 15 for cheating, three for criminal misappropriation and two for acquiring the benefits of criminal conduct.


The court heard that the duo, who were in charge of processing SSBC members’ loans, deposits, withdrawals and the like, worked together for six years to swindle their employer out of S$5,111,828 by forging thousands of letters, forms and records, and doctoring accounts.


They even approached more than 60 friends and family members for help, persuading them to receive SSBC payments in their bank accounts. Arni told friends she was trying to hide her savings from her husband, or that she was trying to avoid paying tax on additional income.

Arni and Hanati also used the personal details of friends and family members to set up phantom accounts to facilitate the cheating, and helped themselves to cash kept behind the counter – Arni pocketed S$299,110 and Hanati S$312,860 over the six years.

Seeking at least 12 years’ jail for Arni and 10 for Hanati, DPP Chin said the “public interest demands that monumental crimes attract monumental sentences”.

“(The women), motivated by greed, treated the (SSBC’s) funds as their own personal slush fund. (They) systematically and persistently … grossly abused (their) positions of trust by reaching into the coffers to feed an extravagant lifestyle beyond (their) means, committing a whole gamut of criminal offences along the way,” the prosecutor said.

SSBC “suffered a staggering loss” of S$5,111,828, “which … constitute the life savings of its members”, DPP Chin added.

Read more at http://www.channelnewsasia.com/news...for-stealing-more-than-s-5m-from-stat-9125014

 

[halsey02]

Guess the race?...it is 'ali baba' stealing from the '40 thieves'....makes you wonder, these two small fries working for Singapore STATUTORY BOARD CO-OP can steal $5.1m....where is the check & balances?...the internal auditor must be hung, as well as the external auditor....or it is ownself check ownself?? like we use the local term.

So, imagine, you have one of their kind, guarding our vault??..wow!...how good are our "checks & balances"???..you really wonder....can siphon 5.1million...with connections....

 

[JohnTan]

I am just shocked that the law appears to makes little effort in compelling the thieves to make restitution - freezing of accounts, seizure of property and jewellery, investigating the assets owned by close relatives etc. I've seen the law go harder after defendants in enforcing defamation payments.

The impression I get from many of such similar cases is that the crooks serve time in exchange for a large sum of money waiting for them when they are released from prison. Little wonder why there is an increasing number of such fraud or theft cases.

 

[gingerlyn]

they are stupid
they shall not be so greedy. They should use their ill gotten gains to do business and one day they can be singapore president and nobody can touch them

 

[johnny333]

The 2 of the culprits got a total of about 22 years for stealing $5,111,828. That would work out to be $232,355.80 per year.
I doubt that their actual salary was this high. So it would be more lucrative for them to spend time in jail

 

[gingerlyn]

The 2 of the culprits got a total of about 22 years for stealing $5,111,828. That would work out to be $232,355.80 per year.
I doubt that their actual salary was this high. So it would be more lucrative for them to spend time in jail

while serving the time, they can rent out their property and their wealth will increase.
they dont have to pay for rent, food and medical bills while in jail.

 

[shittypore]

while serving the time, they can rent out their property and their wealth will increase.
they dont have to pay for rent, food and medical bills while in jail.

Wish em the very best, not to worry our island pave wit gold, all Ministers are multi millionairs and most MP are worth a million.

 

[Scrooball (clone)]

$5 million split among the 2 = $2.5 million.

These clowns can't even earn $60,000 in a year. Truly the bargain of the century to exchange 12 years of freedom for $2.5 million.

 

[CABcommander]

One part of News say cheated 5m. Another part says
Arni pocketed S$299,110 and Hanati S$312,860 over the six years.

So what is what? Simi lancheow news report is this.

 

[Pek Kim Lui]

like bankrupt tan bee kee din repay a single cent to judgee\ment creditors incl foreign banks debts of 20 mln n got scotfree discharge despite being caught travelling 50 timee as without OA approval......OA even fought for Tan"s discharge!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[johnny333]

while serving the time, they can rent out their property and their wealth will increase.
they dont have to pay for rent, food and medical bills while in jail.

Don't forget that the state is offering FREE room & board.

Many malays that age are fat & suffering from health problems. These 2 don't have to worry about health costs as it will be provided FREE.

 

[halsey02]

Wish em the very best, not to worry our island pave wit gold, all Ministers are multi millionairs and most MP are worth a million.

They were quite generous thieves, their families, friends benefitted plus citizens & governments of Australia, Malaysia & Indonesia too...

 

[cocobobo]

Don't forget that the state is offering FREE room & board.

Many malays that age are fat & suffering from health problems. These 2 don't have to worry about health costs as it will be provided FREE.

better diet also. No need go true fitness

 

[bobby]

Can they qualify for EP elections...assuming that they have Indian father too?

 

[songsongjurong]

halimah could get two confirmed votes if she promised them she would.pardon them when she leaves Istana

 

[Scrooball (clone)]

Those 2 m&d cheebyes really pulled off an impressive scam and managed to get away with all the money. After they come out of jail, can still buy a condo probably.

Look at these cheebyes. One is an assistant manager, and the other is an admin assistant. What the fuck is the manager doing? Maybe the manager should be investigated too. And their salaries are probably pathetic as well. $1.8k for admin assistant? Maybe $3k for assistant manager. haha.... they will never earn a million in 10 years time.

 

[Scrooball (clone)]

Assistant manager Arni Ahmad (left), who cheated the Singapore Statutory Boards Employees' Cooperative Thrift and Loan Society of $4.3 million, was sentenced to 12 years in jail. Administrative executive Hanati Jani was jailed for nine years and eight months. The total amount involved in her case was $1.95 million.

http://www.straitstimes.com/singapo...-jailed-for-taking-51m-from-co-op-for-own-use

Two staff jailed for taking $5.1m from co-op for own use

Driven by greed, two employees of one of Singapore's oldest cooperatives treated its funds as their own personal expense account, defrauding it of more than $5.1 million of members' savings.

In five years, the duo systematically abused their position of trust by reaching into its coffers to feed an "extravagant lifestyle" beyond their means, said the prosecution.

Yesterday, assistant manager Arni Ahmad, 42, who misappropriated funds and cheated the Singapore Statutory Boards Employees' Cooperative Thrift and Loan Society of $4.3 million, was sentenced to 12 years in jail. She pleaded guilty to 20 charges, with 447 other charges taken into consideration.

Administrative executive Hanati Jani, 50, was jailed for nine years and eight months after admitting to 20 of 275 charges. The total amount involved in her case was $1.95 million.

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The overall amount was around $5.1 million because of overlapping in several of their offences.

The co-op's members are employees of statutory boards - mainly from national water agency PUB and the Housing Board - Singapore Power and civil servants.


Related Story
Cooperative puts in extra security measures

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Government seeks public feedback on proposed changes to Co-operative Societies Act

The co-op, founded in 1925, takes deposits and gives loans to members, who make monthly contributions of at least $10 to specific deposit accounts.

Arni was promoted to assistant manager in January 2008, two years after she joined the co-op.

Cooperative puts in extra security measure
The cooperative which lost more than $5.1 million to a pair of errant employees said it has turned to technology to tighten its financial processes.

The Singapore Statutory Boards Employees' Cooperative Thrift and Loan Society (SSBC) told The Straits Times: "Since the incident was discovered in 2013, it has been a difficult time for the cooperative. However, the continued support and unity of our stakeholders and especially our members saw us through this challenging period."

After the discovery of the lost funds, the cooperative reviewed its internal procedures and put in additional security measures, including the use of technology such as two-factor authentication (2FA) and biometric recognition.

Members now have to log in to their accounts using these methods, such as with fingerprints.

The cooperative did not respond to questions on how it intends to recover the lost money, and why the culprits were able to carry on with their scam over a period of five years. :oIo:

Lim Min Zhang

Her duties included processing members' loans, deposits, withdrawals and keeping records of the movements of accounts. She was also in charge of processing payments for members who terminated their memberships and liaising with various parties on the monthly collection of members' subscription fees.

Hanati joined in 2008 and covered Arni's duties in her absence.

Investigations showed that between 2008 and 2013, they deceived the co-op into disbursing money to them by creating phantom members.

Among other things, they prepared false member termination letters, account movement records and employee manifests, and made false loan applications, copies of identity cards and payslips to deceive the co-op into disbursing subscription fees and specific deposits and loans to phantom members' bank accounts.

The phantom members were their friends and relatives, who would be instructed by Arni and/or Hanati to withdraw and transfer or hand the money over to them.

They spent the money on, among other things, staycations at five-star hotels such as Amara Sanctuary Hotel and Rasa Sentosa Shangri-La Hotel, and gym memberships with personal trainers.

Arni went on vacations with her family to Europe and Malaysia, made telegraphic transfers to Australia and Indonesia for her family's living expenses, rented a flat in Savannah Condopark in Simei and splurged on home renovations.

Deputy Public Prosecutor Kenneth Chin called for a stiff deterrent sentence to reflect the magnitude of the wrongdoing.

They exploited internal processes to commit the crime for personal benefit, Mr Chin added.

In sentencing, District Judge Lim Tse Haw noted the aggravating factors, including the staggering losses, high level of premeditation and the sheer number of charges.

The women did not make any restitution.

 

[gingerlyn]

I want to know if Muslim can wear headscarf in jail?
They are so religious and I dont believe that they cheat.

 

[sleaguepunter]

no money recover due to spend all liao? possible, i see my malay colleague broke before payday most of the time. got money in wallet die die must spend. every 6 months change new hp, order kfc/pizza even mom already cook for whole family.

 

[Scrooball (clone)]

no money recover due to spend all liao? possible, i see my malay colleague broke before payday most of the time. got money in wallet die die must spend. every 6 months change new hp, order kfc/pizza even mom already cook for whole family.

Sounds like a typical asshole then. haha