Serious Massive Public Institutional Fraud! $5M Missing! Guess Fraudsters Race!

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

SINGAPORE: Two former staff members of the Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society have been charged with misappropriating more than S$5 million over five years.

Prosecutors called the case “a massive public institutional fraud”.

Arni Ahmad and Hanati Jani face 467 and 275 charges, respectively. Their charges are for cheating, criminal breach of trust and receiving the benefits of criminal conduct.

Arni, 41, and Hanati, 49, fooled the co-operative into disbursing “a staggering” S$5,069,147.63 from 2008 to 2013 using fake applications lodged by phantom members, prosecutors said. The women allegedly laundered the millions through a network of phantom members before the money eventually found its way into their pockets.

They were suspended in 2014, when their offences came to light after the co-operative discovered more than S$5 million was missing from its accounts.

The women will next appear in court on Jan 25.

If found guilty of cheating, they face up to 10 years’ jail per charge and a fine.

The co-operative is registered with the Registry of Co-operative Societies under the Ministry of Culture, Community and Youth.

http://www.channelnewsasia.com/news/...o/3383874.html


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[jameschong1]

[QUOTE=Sammyboy RSS Feed;15446156]An honorable member of the Coffee Shop Has Just Posted the Following:

so many years liao - what happen to the auditors? which audit firm?