Former DBS manager jailed for client investment fraud

A former manager at DBS Bank, Pang Yuheng, was sentenced to 30 months in prison for cheating clients out of $348,000. The 28-year-old Singaporean deceived four clients by offering fake fixed deposit investments with attractive interest rates. Pang pleaded guilty to three counts of cheating, involving $324,000, while the remaining charges considered amounted to $24,000. His employment at DBS ended in June 2023. He had significant gambling debts, which prompted him to create the scheme. From March 2022 to March 2023, Pang contacted clients to promote the fictitious deposits. He claimed interest rates between 4% and 12.88% for terms lasting from two to twelve months. When clients showed interest, he instructed them to transfer money directly to his accounts. He used the stolen funds for online gambling and other investments. To hide his crimes, Pang repaid about $104,000 to two victims, while DBS compensated the remaining clients, resulting in a total loss of $259,000 for the bank. Pang was charged in court after police received a report from DBS in June 2023. His defense team requested a lighter sentence, highlighting his gambling addiction. They stated he plans to repay DBS $1,000 monthly after serving his time. Each count of cheating could lead to a maximum sentence of ten years and a fine.