Singapore: Woman jailed 4½ years for cheating banks of about $1.8 million

A 50-year-old woman was jailed for 4½ years on Wednesday (March 3) for cheating multiple banks into disbursing about $1.8 million in loans.

Tan You Jia pleaded guilty to two counts of corruption and four counts of engaging in a conspiracy to cheat with a 51-year-old man, Lee Beng Yong, that involved more than $700,000 in total.

When sentencing her, Principal District Judge Toh Han Li took into consideration 10 other cheating-related charges, including those involving the remaining amount, and three counts of corruption.

All the offences took place between 2014 and 2015.

Court documents said that sometime between 2012 and 2013, Tan and Lee became acquainted with each other.

Lee later agreed to work for Tan in her business, which involved applying for business instalment loans on behalf of companies.

Such loans are offered by financial institutions, including banks, to small and medium-sized enterprises (SMEs) for their business operations.

The original full article can be found at straitstimes.com

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