Indian-origin Singaporean jailed for cheating people of SGD 2.5m
Singapore: An Indian-origin Singaporean was on Monday sentenced to seven years and four months in jail for cheating 20 people of SGD 2.5 million (USD 1.8 million).
Murali Krishnan Naidu was earlier convicted of 17 counts of cheating linked to nine people and involving a sum of SGD 2.5 million over 2008-13.
Another 43 charges, including those involving the remaining victims, were also considered during the sentencing during which Naidu made no restitution, media reported. In all, the 53-year-old Singaporean had cheated 20 people, including his family friends and acquaintances, of some SGD 2.5 million in an investment scam between 2008 and 2013.
He had duped most of the victims, who had drawn from their retirement savings to fund the “investments”, into thinking that their money would be invested in a lending business set up by his wife.
The prosecution said that in August 2006, Naidu’s wife incorporated in Singapore a licensed money lending company known as San Tee Credit (STC) to which she was the sole proprietor while he was a manager there.
Before STC was established, Naidu worked at another money lending company known as Diamond Credit from 2003 to 2006 and was familiar with how such firms raised funds for their money lending operations.
Deputy Public Prosecutors (DPPs) Jordon Li and Yeow Xuan said Naidu knew it was common for money-lending companies to borrow cash from investors through investment agreements.
The prosecution said Naidu had made false representations to the victims by saying their money would be invested in STC’s lending business.
For each count of cheating, an offender can be jailed for up to 10 years and fine.
