SINGAPORE: A company director was jailed on Monday after he was found guilty of cheating three banks of more than S$2.6 million.
The police said that Tay's company was experiencing cash flow problems sometime in early 2019. This prompted him to approach a man identified as Tan Teck Tiang for assistance.Tay requested that Tan allowed him to use fake Chiam Joo Seng or 100 Chiam Joo Seng invoices for A Yong's purported purchases from the two companies.
With Tan's agreement, Tay directed his employees to create the invoices, which were similar to the ones issued by Chiam Joo Seng or 100 Chiam Joo Seng. On each occasion, after receiving the printed invoices from his workers, Tay would get Tan to endorse his signature on them.The invoice was then submitted together with the loan applications to the banks, which resulted in the banks disbursing the loan amount to Tan's two companies.