Benjamin Chung Hiang Wee, 32, pleaded guilty in April to six counts of cheating involving five victims, who were deceived into handing over more than SGD1 million. Each victim transferred between SGD66,550 and SGD441,850 to him, according to The Straits Times.

He also admitted to dealing with the benefits of criminal conduct. On at least 32 occasions between April 2023 and April 2024, Chung transferred more than SGD823,000 of his criminal proceeds from his bank accounts to other accounts.

Chung began working as a wealth planning manager in January 2019. His employment was terminated in November 2023 after he breached certain undisclosed regulatory requirements as a financial adviser.

In earlier court proceedings, the court heard that the largest amount he took (SGD441,850) came from his 62-year-old uncle, who worked odd jobs.

Chung’s role included recommending and selling financial products from insurer Manulife (Singapore). He convinced his uncle that he could earn between 4% and 5% in interest by investing in a “two-year fixed deposit scheme.”

“He used the money to support his online gambling,” deputy public prosecutor Joseph Gwee told the court. “He had no intention of opening a fixed deposit account,” he said, as reported by Malay Mail.

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,” the prosecutor said.

The court heard that Chung used similar schemes on several occasions between February 2022 and April 2024 to cheat the other victims.

His offenses surfaced in 2024 after police learned that he had misused the bank’s name to obtain money from various customers for purported loans and fixed deposit schemes.

Chung surrendered to the authorities on May 6, 2024, and was arrested shortly afterward. In April, the court heard that he had repaid more than SGD231,000 to five victims, including his uncle.