Thursday, March 28, 2024
ADVT 
International

Indian-origin Sikh jailed, fined for multiple frauds in Singapore

Darpan News Desk IANS, 06 Dec, 2022 01:09 PM
  • Indian-origin Sikh jailed, fined for multiple frauds in Singapore

Singapore, Dec 6 (IANS) An Indian-origin Sikh and former CFO of Singapore-based technology company was given 11 months' jail and fined SGD 20,000 for falsifying accounts, forgery, and not disclosing interested party transactions.

Gurcharan Singh of TREK 2000 International was convicted on Monday of eight charges, with nine other similar charges taken into account in sentencing him, The Business Times reported.

Singh's sentencing comes after the company's founder Henn Tan and former executive director Poo Teng Pin were convicted of charges in related conspiracies in October.

A Commercial Affairs Department probe revealed that in 2011, Trek 2000 had entered into seven transactions valued at approximately $2.79 million with T-Data Systems. The wife of Trek 2000's Poo Teng Pin is the sole shareholder of T-Data.

Trek 2000 "recklessly failed to make the necessary disclosures", and this failure was attributable to Singh's neglect, among other things, the Singapore police said in a statement on Monday.

"Singh knew that T-Data was an interested person but did not take any steps to get Trek 2000 to make the necessary disclosures," the police said.

Further, he conspired with Tan and Poo to manipulate the company's books for the financial year ended on December 31, 2015, by recording a fictitious sale worth $3.2 million to Unimicron Technology, The Business Times reported.

The trio then deceived the company's auditors from Ernst & Young into believing the sale was genuine, the police said.

Singh asked an employee to forge two bank advices to support the fictitious Unimicron sale. He and his co-conspirators created a document setting out a false chronology of events relating to the bogus sale, the paper reported.

Between 2012 and 2013, Singh also conspired with Poo to falsify documents to record the fictitious income. In 2015, Singh asked Poo to fake seven invoices to record a total of $1.74 million in fictitious licensing income supposedly earned from Toshiba.

Photo courtesy of IStock. 

MORE International ARTICLES

WHO pleased to see China ease harsh zero COVID policies

WHO pleased to see China ease harsh zero COVID policies
At a press briefing on Friday, WHO emergencies director Dr. Michael Ryan said the organization was glad to see China “adjusting their current strategies” in trying to recalibrate their response to COVID-19.

WHO pleased to see China ease harsh zero COVID policies

King Charles to visit newly-built Sikh gurdwara in UK

King Charles to visit newly-built Sikh gurdwara in UK
The Sikh Soup Kitchen recently reached the 5,000-meal landmark since its opening in November last year, and serves 150 hot vegetarian meals every Sunday outside the Luton Town Hall.

King Charles to visit newly-built Sikh gurdwara in UK

Indian student battles for life after car crash in US

Indian student battles for life after car crash in US
Within 10 days of the accident, Sharma has undergone four brain surgeries and is in the intensive care unit, hooked up to IVs and life support systems. Back home in India, Sharma's parents are anxiously waiting for their US visa to be approved.

Indian student battles for life after car crash in US

After Patel's death, another Indian-origin retailer's store targeted in NZ

After Patel's death, another Indian-origin retailer's store targeted in NZ
Close on the heels of dairy worker Jayesh Patel's fatal stabbing in Auckland last week, an Indian-origin store owner was targeted in New Zealand, and his staff was attacked by four young men. 

After Patel's death, another Indian-origin retailer's store targeted in NZ

5 dead, 25 injured in US nightclub shooting, suspect held

5 dead, 25 injured in US nightclub shooting, suspect held
At least five people were killed and 25 others injured when a gunman, currently in police custody, opened fire inside a gay nightclub in the US state of Colorado, authorities said. The first officer arrived at midnight and the suspect, identified as Anderson Lee Aldrich, 22, was detained two minutes later. 

5 dead, 25 injured in US nightclub shooting, suspect held

Indian-origin man jailed for cheating Football Association of Singapore

Indian-origin man jailed for cheating Football Association of Singapore
Shankar Suppiah, 45, who admitted to five counts of cheating, was the sole proprietor of All Resource Network (ARN), which has specialised in event management and the sale of sporting and recreational goods since 2017. At the time of the offences, ARN was a supplier of the FAS, which is Singapore's governing body for football and is responsible for advancing the sport here and managing the national team. 

Indian-origin man jailed for cheating Football Association of Singapore

PrevNext