A former manager of DBS Bank, Singapore’s most prominent financial institution, who swindled seven individuals out of nearly SGD1.4 million (US$1.09 million), including his own uncle, has been handed down a six-and-a-half-year prison sentence. Benjamin Chung Hiang Wee, aged 32, admitted guilt in April to six charges of fraud involving five victims, who were tricked into parting with more than SGD1 million. The amount each individual victim relinquished ranged from SGD66,550 to SGD441,850.
Financial Misconduct
In addition to fraud, Chung confessed to engaging in criminal conduct by mishandling monetary benefits. On not less than 32 instances spanning from April 2023 to April 2024, Chung transferred in excess of SGD823,000 of his illicit gains from his bank accounts to other accounts.
Chung commenced his role as a wealth planning manager in January 2019 and was dismissed in November 2023 due to violations of certain confidential regulatory requirements pertinent to his position as a financial advisor.
During earlier court proceedings, it was revealed that the most significant sum of money he defrauded (SGD441,850) was from his 62-year-old uncle, a casual laborer.
Victims of Deception
Part of Chung’s job involved suggesting and marketing financial products from insurance company Manulife (Singapore). He successfully convinced his uncle that a “two-year fixed deposit scheme” would yield between 4% and 5% interest.
“The funds were used to fund his online gambling,” deputy public prosecutor Joseph Gwee informed the court. “He had no intention of opening a fixed deposit account,” he added. The uncle transferred investments from a different bank to assist his nephew, only to later realize that he had been duped.
The court was informed that Chung had perpetrated similar fraudulent acts on multiple occasions between February 2022 and April 2024, defrauding other victims in the process.
His crimes were exposed in 2024 when law enforcement discovered he had exploited the bank’s reputation to solicit funds from various clients for alleged loans and fixed deposit schemes.
On May 6, 2024, Chung turned himself in to the authorities and was promptly apprehended. In April, it was revealed during court proceedings that he had reimbursed more than SGD231,000 to five victims, including his uncle.
Questions & Answers
**What was Benjamin Chung Hiang Wee’s position at DBS Bank?**
Chung was a wealth planning manager at DBS Bank.
**What is the total amount Chung defrauded from individuals?**
Chung defrauded nearly SGD1.4 million (US$1.09 million) from seven individuals.
**How was Chung’s fraudulent activity uncovered?**
Chung’s fraudulent activity was uncovered when law enforcement learned that he had misused the bank’s name to solicit money from various customers under the guise of loans and fixed deposit schemes.
