Read? Understanding Stock Market Risks - Financial Fraud Risk is real!
Another one! This type of risk can never be discovered through by any sort of TA or FA.
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SLA staff member charged with fraud of $11.8m
SINGAPORE: A senior staff member of the Singapore Land Authority (SLA) is facing 249 charges of cheating the Authority $11.8 million.
40-year-old Koh Seah Wee was charged on June 25 and is alleged to have conspired with two others, Lim Chai Meng and Ho Yen Teck to cheat the Authority.
He did so by awarding network maintenance contracts to various companies.
Koh was a deputy director with SLA's Technology and Infrastructure Department. His level of approval allowed payments to be made to these shell companies and no work was done to fulfil the contracts.
According to some charge sheets, payments were made in amounts ranging from $25,000 to $60,000.
Koh also faced several charges of using the ill-gotten gains of his cheating scheme to buy cars and properties.
The charges spelt out that Koh had used the money to pay for a Lamborghini, Mercedes Benz cars, acquire property at Axis@Siglap along East Coast Terrace, and purchase various unit trusts.
Koh is being defended by Lawyer Ravinderpal Singh and his case will be mentioned again on October 19.
Koh has been remanded and his bail stands at $1.5 million
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