Former DBS Bank manager Benjamin Chung Hiang Wee, 32, admitted cheating seven victims, including his uncle, of nearly S$1.4 million, with much of the money spent on online gambling, his wedding and home renovations. [1]
His uncle transferred $441,850 to Chung’s bank accounts after being persuaded to invest in a purported two-year fixed deposit scheme that promised 4% to 5% interest, but the scheme never existed, deputy public prosecutor Joseph Gwee said. Gwee told the court, “In truth, the whole fixed deposit scheme never existed, and (Chung) used the money... to support his online gambling.” [1]
The prosecutor said Chung had no intention of opening a fixed deposit account for his uncle. Chung also used similar scams on multiple occasions between February 2022 and April 2024 to cheat other victims, according to court documents. His offences came to light in 2024 when police learnt he had misused DBS Bank’s name to obtain money from various customers over purported loans and fixed deposit schemes. [1]
Chung started work as a wealth planning manager in January 2019. His employment was terminated in November 2023 after he breached undisclosed regulatory requirements as a financial adviser. He surrendered himself to the authorities on May 6, 2024 and was arrested soon after. [1]
He has returned more than $231,000 to five victims, including his uncle. Chung’s uncle, 62, transferred $260,000 to his account between October 2022 and April 2023, then another $181,850 from December 2023 to April 2024, court papers showed. [1]
Gwee said the uncle was left badly shaken by the deception. “As a result of the incident, (the uncle) was unable to sleep for the whole month, and advised to see a psychiatrist, but did not do so,” he said. Chung’s case will next return to court for further proceedings. [1]
