Targeted Vulnerable Clients in Fake Time Deposit Scam
A former financial consultant at OCBC Singapore, Hoi Wei Kit, 34, was sentenced to 30 months in jail on February 21 for defrauding five clients of S$170,000 through a fake time deposit scheme.
Exploiting Trust and Vulnerability
Hoi, who worked at OCBC from October 2015 to April 2018, abused his access to customers’ financial information to carry out the fraud. The court noted that he “carefully targeted vulnerable victims,” including elderly clients aged 60 and above, who were less technologically savvy.
Using his position, Hoi fabricated promotional time deposits offering inflated interest rates of 8.8% or 11.88%. To avoid detection, he bypassed branch officers and misled colleagues into transferring victims’ funds to him or providing cash directly.
Gambling Debts Sparked Fraudulent Scheme
Hoi’s fraudulent activities began in September 2017 after he relapsed into a gambling addiction and accrued significant debts. His scheme unraveled in April 2018 when a victim attempted to withdraw S$30,000 from her supposed fixed deposit, only to discover no such account existed.
Additional Crimes and Sentencing
During internal investigations by OCBC, Hoi admitted to cheating his clients. However, while under investigation, he further attempted to cover up his actions by filing a false police report, claiming he had lost S$12,350 in a taxi. The funds, in reality, had been used to repay loan sharks.
Hoi pleaded guilty to seven charges, including cheating, benefiting from criminal conduct, and providing false information. Another 13 charges were considered during sentencing.
A Breach of Trust
The judge highlighted the severity of Hoi’s betrayal, emphasising the calculated targeting of vulnerable individuals and the abuse of his professional position. This case serves as a stark reminder of the need for vigilance and ethical conduct in financial consulting roles.
