A former DBS Bank wealth planning manager, whose job included advising on insurance products, has been sentenced to 6½ years in jail for cheating seven victims of nearly $1.4 million.
Benjamin Chung Hiang Wee, 32, had worked at DBS since January 2019. As part of his role, he recommended and sold financial products from Manulife (Singapore). His employment was terminated in November 2023 after he breached certain undisclosed regulatory requirements as a financial adviser.
Chung was sentenced on May 25. In April, he pleaded guilty to six counts of cheating involving five victims who were tricked into transferring more than $1 million to him. Each victim handed over between $66,550 and $441,850.
He also admitted to dealing with the benefits of crime. Between April 2023 and April 2024, he moved more than $823,000 from his bank accounts to other accounts on at least 32 occasions.
The court heard that the largest amount came from his 62-year-old uncle, who worked odd jobs. Chung told him he could earn between 4% and 5% in interest through a “two-year fixed deposit scheme.”
Deputy Public Prosecutor Joseph Gwee said: “In truth, the whole fixed deposit scheme never existed, and (Chung) used the money... to support his online gambling. He had no intention of opening a fixed deposit account for (his uncle).”
His uncle transferred $260,000 to Chung between October 2022 and April 2023. Later, he sent another $181,850 between December 2023 and April 2024.
The uncle had moved investments from another bank to support his nephew, only to later discover that he had been cheated.
“As a result of the incident, (the uncle) was unable to sleep for the whole month and was advised to see a psychiatrist, but did not do so. Family dynamics have also changed—he has been called ‘stupid’ for trusting the accused, and (he) is now distant with the accused’s mother,” the prosecutor said.
Prosecutors said Chung used similar schemes on other victims between February 2022 and April 2024. Most of the money went to his online gambling habit, wedding and home renovations.
The case came to light in 2024, when police learned that Chung had misused the bank’s name to get money from customers for fake loans and fixed deposit schemes.
Chung surrendered to authorities on May 6, 2024. In April, the court heard that he had returned more than $231,000 to five victims, including his uncle.
