A former employee at DBS admitted to cheating several clients in Singapore by deceiving them with fictitious products.
Ex-DBS wealth planner Pang Yuheng admitted to cheating four of his clients by deceiving them into investing in fictitious fixed deposits, according to a «Straits Times» report citing legal proceedings.
Pang, 28, pleaded guilty to three counts of cheating involving S$324,000 ($241,000). Another three charges, including one count linked to cheating another S$24,000, will be taken into consideration when he is sentenced in March.
Fake Fixed Deposits
Pang, who was responsible for selling insurance-related investment products at DBS, cheated four customers from March 2022 to March 2023 by deceiving them into transferring S$348,000 to his personal bank accounts after claiming to offer fixed deposits with an interest rate of 4 to 12.88 percent per year with a maturity of two to 12 months. Each incident involved between S$24,000 and S$190,000 per customer.
This was done as Pang had significant debts to licensed moneylenders after suffering online gambling losses. DBS would terminate his employment in June 2023. According to Deputy Public Prosecutor David Koh, the bank also compensated some of the victims.
For each count of cheating in Singapore, an offender can be jailed for up to 10 years and fined.
