SINGAPORE - A former insurance agent admitted in a district court that he duped a man into transferring more than $543,000 to him over 35 occasions between March 2018 and March 2019.
But Tiew did not own any properties in Malaysia, and instead used the ill-gotten gains to gamble at the Marina Bay Sands casino. Tiew claimed that he was working with a team at another insurance firm and that the scheme provided “good returns”.The DPP told the court: “Further details of this scheme were not shared with the victim. However, the accused informed the victim that the investment opportunity would provide the victim with returns of between 10 per cent and 40 per cent on the sums invested.
Believing that Tiew owned properties in Malaysia, the victim transferred another $30,400 to the offender over five occasions between April and June 2019.Jail for man who worked with others to cheat 2 victims of over $541k in investment scheme