A 34-year-old man will be charged in court on June 16 for allegedly siphoning S$5.4 million from his company and taking it to the casino.
According to the Singapore Police Force, the man was a director of a pawnshop.
For a period of five years between June 2013 and August 2018, he allegedly caused unauthorised cash cheques to be drawn on the company's bank account.
In order to cover his tracks, the man created fake pawn tickets not backed by pledges and falsified corresponding entries in the company’s database.
Pawn tickets are generated when an individual pawns an item in exchange for cash. The ticket is used to redeem their item after the cash loan is paid back.
The man is accused of using the misappropriated funds to gamble at casinos, service the interest payments for the monthly renews of the fake pawn tickets, and make dividends distributions to shareholders of the company.
He also allegedly used the money to purchase branded watches and to make a down-payment on a luxury car.
In total, he faces 11 charges including:
- Two counts of criminal breach of trust, which carries a jail term of up to 15 years and a fine
- Two counts of falsification of accounts, which carries a jail term of up to 10 years and a fine
- One count of cheating, which carries a jail term of up to three years and fine
- One count of cheating and dishonestly inducing a delivery of property, which carries a jail term of up to 10 years and a fine
- Four counts of converting benefits of criminal conduct (money laundering), which carries a jail term of up to 10 years and a fine of up to S$500,000, or both
- One count of using the benefits of criminal conduct (money laundering), which carries a jail term of up to 10 years, a fine of up to S$500,000, or both
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