Homepage
PR Newswire
15-02-2012, 07:57 AM
I find it pretty amazing that people even lent him money without realizing it's all being swindled away! A very sad case indeed...... 
The Straits Times
Feb 15, 2012
Conman duped pal of $436k for 'investment'
He posed as PM, bank execs to trick victim and gambled money away
By Elena Chong
FOR more than two years, a man tricked a sales assistant more than twice his age into putting about $436,000 into 'investments'.
The hook Goh Wen Cai, 27, used to get Mr Ng Boon Shin, 60, to part with his money was the promise of $20 million in returns from these 'investments' supposedly with DBS Bank.
Mr Ng, who earns $1,000 a month, fell for it, handing over money each time Goh asked for it.
Each time he hesitated in putting in more money, Goh posed as various prominent people - including Prime Minister Lee Hsien Loong and DBS' top men - to persuade him through phone calls or letters that Goh was authorised to collect money on DBS' behalf.
Mr Ng dipped into his savings and went into debt by borrowing from his relatives for his 'investment capital', which Goh gambled away.
Goh was last week jailed five years on 25 charges of cheating and forgery involving $291,366; another 80 charges were considered during sentencing.
The court heard that Goh also egged Mr Ng on to buy gold and jewellery using his United Overseas Bank (UOB) credit card, and then pawn the items to raise funds for the 'investments'. Mr Ng got into debt on this front as well.
When he defaulted on his credit card bill of $11,854, UOB issued a writ of seizure and sale. Mr Ng had to borrow money from his sister-in-law to pay up.
The 'friendship' between the two men began in 2009, when Mr Ng gave Goh friendly loans amounting to $62,770.
When Mr Ng refused to lend him any more, Goh, casting himself as a vice-president with DBS, told his friend that he could get returns of $250,000 by investing just $5,000 with DBS.
Goh pretended to be various fictitious DBS bank officers related to the 'investment' as well as prominent personalities. Whatever 'role' he played, Goh's message was always that the investment was sound and that the smart thing to do was to put more money into it through Goh.
His repertoire of impersonations included being DBS chief executive Piyush Gupta and DBS chairman Peter Seah.
Mr Ng handed over between $1,000 and $54,348 for these 'investments'.
In June 2010, Goh forged Mr Seah's signature on a letter to Mr Ng, informing him of a delay in the $20 million payout.
He next forged one from UOB chairman Wee Cho Yaw, asking Mr Ng to sink $30,000 into the 'investment'. Mr Ng handed over $20,000.
Goh, fearing Mr Ng would verify his 'investments' with the Monetary Authority of Singapore, forged a letter from then MAS managing director Heng Swee Keat to provide assurance of the wisdom of the investment - and to pay an 'outstanding sum' of $377,790 to get his 'returns'.
The conman also posed as and forged the signature of PM Lee to dupe Mr Ng, a resident in the Prime Minister's constituency, of even more money.
All in, Goh forged 18 letters, composed through research on the Internet.
Seeking a substantial jail term, Deputy Public Prosecutors Gregory Gan, Caleb Tan and Joshua Lai said Goh's scam ran from May 2009 to last May, and that his restitution to Mr Ng was a paltry $400. The prosecutors said it would take Mr Ng 36 years to recover what he lost. His family is $131,569 in debt to various people.
In his victim impact statement, Mr Ng said he had 'invested' $435,652 for a promised return of millions, but had received none of that.
He said he and his wife, a human resource executive earning $1,500, were deeply troubled by their debts. 'We owe her sister about $23,000, her brother about $85,000 and my wife owes a few banks and financial institutions a total of $23,569. There are also loans from friends and relatives that are outstanding...'
elena@sph.com.sg
The Straits Times
Feb 15, 2012
Conman duped pal of $436k for 'investment'
He posed as PM, bank execs to trick victim and gambled money away
By Elena Chong
FOR more than two years, a man tricked a sales assistant more than twice his age into putting about $436,000 into 'investments'.
The hook Goh Wen Cai, 27, used to get Mr Ng Boon Shin, 60, to part with his money was the promise of $20 million in returns from these 'investments' supposedly with DBS Bank.
Mr Ng, who earns $1,000 a month, fell for it, handing over money each time Goh asked for it.
Each time he hesitated in putting in more money, Goh posed as various prominent people - including Prime Minister Lee Hsien Loong and DBS' top men - to persuade him through phone calls or letters that Goh was authorised to collect money on DBS' behalf.
Mr Ng dipped into his savings and went into debt by borrowing from his relatives for his 'investment capital', which Goh gambled away.
Goh was last week jailed five years on 25 charges of cheating and forgery involving $291,366; another 80 charges were considered during sentencing.
The court heard that Goh also egged Mr Ng on to buy gold and jewellery using his United Overseas Bank (UOB) credit card, and then pawn the items to raise funds for the 'investments'. Mr Ng got into debt on this front as well.
When he defaulted on his credit card bill of $11,854, UOB issued a writ of seizure and sale. Mr Ng had to borrow money from his sister-in-law to pay up.
The 'friendship' between the two men began in 2009, when Mr Ng gave Goh friendly loans amounting to $62,770.
When Mr Ng refused to lend him any more, Goh, casting himself as a vice-president with DBS, told his friend that he could get returns of $250,000 by investing just $5,000 with DBS.
Goh pretended to be various fictitious DBS bank officers related to the 'investment' as well as prominent personalities. Whatever 'role' he played, Goh's message was always that the investment was sound and that the smart thing to do was to put more money into it through Goh.
His repertoire of impersonations included being DBS chief executive Piyush Gupta and DBS chairman Peter Seah.
Mr Ng handed over between $1,000 and $54,348 for these 'investments'.
In June 2010, Goh forged Mr Seah's signature on a letter to Mr Ng, informing him of a delay in the $20 million payout.
He next forged one from UOB chairman Wee Cho Yaw, asking Mr Ng to sink $30,000 into the 'investment'. Mr Ng handed over $20,000.
Goh, fearing Mr Ng would verify his 'investments' with the Monetary Authority of Singapore, forged a letter from then MAS managing director Heng Swee Keat to provide assurance of the wisdom of the investment - and to pay an 'outstanding sum' of $377,790 to get his 'returns'.
The conman also posed as and forged the signature of PM Lee to dupe Mr Ng, a resident in the Prime Minister's constituency, of even more money.
All in, Goh forged 18 letters, composed through research on the Internet.
Seeking a substantial jail term, Deputy Public Prosecutors Gregory Gan, Caleb Tan and Joshua Lai said Goh's scam ran from May 2009 to last May, and that his restitution to Mr Ng was a paltry $400. The prosecutors said it would take Mr Ng 36 years to recover what he lost. His family is $131,569 in debt to various people.
In his victim impact statement, Mr Ng said he had 'invested' $435,652 for a promised return of millions, but had received none of that.
He said he and his wife, a human resource executive earning $1,500, were deeply troubled by their debts. 'We owe her sister about $23,000, her brother about $85,000 and my wife owes a few banks and financial institutions a total of $23,569. There are also loans from friends and relatives that are outstanding...'
elena@sph.com.sg
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
