Employees of a bank in the Caribbean were duped into transferring more than US $4.4 million (TT $28 million )of their client’s money into a Singapore bank account in 2013.
Last week, a court in Singapore heard that staff at RBC Royal Bank (Trinidad and Tobago) made the error because they had overlooked a tiny difference between the fraudsters’ e-mail domain and that of their client – the National Insurance Property Development Company (Nipdec), the Strait Times of Singapore reported.
The Singaporean was sentenced to five years’ jail after abetting his firm in receiving the stolen cash.
He also committed money laundering when he transported from Singapore to Malaysia cash totaling $400,000 – benefits of his criminal conduct. In addition, he transferred $585,217 of his ill-gotten gains to his Malaysian associate, Ms Song Li Woon.
Deputy Public Prosecutor Leong Weng Tat, of Singapore, said that Dionysius was involved in one of the biggest money laundering cases the courts have seen to date. He was convicted of the offences on July 18 after an eight-day trial. Court papers did not mention who sent the fraudulent e-mails to RBC.
In his submissions, DPP Leong said that the bank had received an e-mail on July 5, 2013, for a wire transfer, purportedly from Nipdec. The bank failed to spot the differences in the addresses, and did as instructed, remitting €671,856 ($1.06 million) from Nipdec’s account to Hayashi’s in Singapore.
DPP Leong told Judge Imran that “on July 12, 2013, employing the same modus operandi, the fraudsters deceived RBC into wiring a further sum of” €2.03 million to Hayashi.
After receiving the monies, Dionysius withdrew some and transported US$400,000 across the Causeway. He also transferred money to Ms Song. He did so on July 10 and July 12, 2013. DPP Leong said: “(Dionysius) did not withdraw the entire sum at one go as he knew that by doing so, he would trigger red flags at the bank and the transaction would be flagged for greater scrutiny – money laundering.”
Nipdec’s general manager stated in an affidavit that the company never had any dealings with Hayashi. RBC reimbursed Nipdec in full after the offences came to light. The bank suffered a loss of some US $4 million, out of which it was able to recover about US $3 million.
Defence lawyer S. Radakrishnan told the court that his client did not receive any money from the transactions.
Dionysius will be appealing against his conviction and sentence. He is out on US $250,000 bail.
Formerly Known As
FISSION SERVICES & TRADING PTE LTD GOLDISKS VIDEO PTE LTD
Date Incorporation / Registration
25 March 1995 (Saturday)
EXEMPT PRIVATE COMPANY LIMITED BY SHARES
Struck Off as on 1 July 2017 (Saturday)
Principal Business Activity
Secondary Business Activity