Jail for company founder who helped clients secure nearly $1m in bank loans through forged payslips

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Jail for company founder who helped clients secure nearly $1m in bank loans through forged payslips
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SINGAPORE - A company founder used forged payslips to assist others in applying for bank loans.. Read more at straitstimes.com.

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As a result of the ruse, Standard Chartered Bank and United Overseas Bank disbursed nearly $1 million in loans to the applicants.Deputy Public Prosecutors Edwin Soh and Phoebe Leau said that the bigger the loan, the more money Daryl Sit Wei Li, founder of Capable Group, earned.

The DPPs said:"It was the accused who engaged to be consultants...It was also the accused who them how to inflate and create forged payslips. Later that month, Sit submitted Mr Lee's application form to SCB, asking for a loan of $250,000. He also submitted three forged payslips, claiming that Mr Lee earned $23,800 a month. As a result, the bank approved the loan application.

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