SINGAPORE – A business founder has used forged payslips to help others apply for bank loans.
As a result of the ruse, Standard Chartered Bank (SCB) and United Overseas Bank disbursed nearly $ 1 million in loans to applicants.
The court heard that to date, the plaintiffs still owed CBS more than $ 360,000.
Deputy prosecutors Edwin Soh and Phoebe Leau said the larger the loan, the more money Daryl Sit Wei Li, founder of Capable Group, made.
They added that he had managed to collect almost $ 15,000 in commissions.
The 30-year-old Singaporean was sentenced on Monday 23 November to 26 months in prison after pleading guilty to offenses, including four counts of use as genuine falsified payslips which were submitted in support of claims bank loan.
Prosecutors said Sit worked with his consultants Kim Hyun Su, Hendrick Phua Xuan Peng and Brandon Yan Zhi Hang to commit the offenses.
Last month Kim was sentenced to 19 months in prison while Phua was ordered to spend five weeks behind bars for their role in the ruse. Yan’s case is still pending.
The DPP declared: “It was the accused who hired (the trio) to be consultants … It was also the accused who (showed) them how to inflate (the income of their clients) and create false payslips.
The accused told the consultants that by inflating their client’s salary on the payslip, it would increase the chances of the loan application being successful. Capable Group would in turn earn a commission from the client for the successful loan. “
The court heard that a Mr. Lee Jin Fa, who was the general manager of the wholesale company Vine and Branch, had met Sit in March 2018 because he wanted to get a bank loan.
Sit then asked him to sign an SCB loan application form and leave the other details blank.
Mr Lee told Sit he does not have payslips because he does not earn a salary at his company. Sit then replied that he would “take care of it”.
Later that month, Sit submitted Mr. Lee’s application form to SCB, requesting a loan of $ 250,000. He also submitted three forged payslips, claiming Mr. Lee was making $ 23,800 per month. As a result, the bank approved the loan request.
The DPPs said Mr. Lee had not fully repaid the loan and still owed the bank more than $ 120,000. For this loan application, Sit earned $ 4,668.
Sit used a similar method to obtain bank loans for others, the court said. He has since made a restitution to SCB to the tune of nearly $ 15,000.
On Monday, his bond was set at $ 60,000. He will go to state courts on December 7 to begin serving his sentence.
For each count of using a forged payslip as genuine in a loan application, an offender can be jailed for up to four years and fined.