Former staff of Co-op Singapore Statutory Boards charged for misappropriating $5.1 million

Former staff of Co-op Singapore Statutory Boards charged for misappropriating $5.1 million

Two female former staff members of the Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society have been charged on Wednesday (21 December) with hundreds of charges of fraud and other offences involving $5.1 million.

Arni Ahmad, 41, former assistant manager, was charged with 467 counts. While, former administrative executive Hanati Jani, 49, was charged with 275 charges.

The co-operative is regulated by the Cooperative Societies Act under the Ministry of Culture, Community and Youth.

Deputy Public Prosecutor Kenneth Chin told the court this was a case of massive public institutional fraud.

DPP Kenneth said that Arni and Hanati fooled the co-operative into disbursing “a staggering” S$5,069,147.63 from 2008 to 2013 using fake applications, which lodged by phantom members. The pair also allegedly laundered the millions through a network of phantom members before eventually channelling the funds back to their pockets.

Both of them were suspended in 2014, when their offences came to light after the co-operative discovered more than S$5 million was missing from its accounts.

The pair face charges of cheating, conspiracy to cheat, forgery, criminal breach of trust as a servant, scheming to commit CBT, acquiring benefits of criminal conduct and using benefits of criminal conduct.

Arni, who was unrepresented, stated that she intends to get a Criminal Legal Aid Scheme lawyer. While, Hanati’s lawyer Amarjit Singh asked for six weeks’ adjournment to take instructions.

The women were each was offered bail of $1 million in one surety or $500,000 in two sureties. Their passports have also been impounded.

Their case will be mentioned again on 25 January 2017.

They face up to 10 years’ jail per charge and a fine if found guilty of cheating.

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