Former bank employee, insurance agent, and private-hire driver jailed for cheating 13 victims out of S$1.2 million

A 37-year-old Singaporean man, Benjamin Chua Sian Yang, who worked as a bank employee, insurance agent, and later a private-hire driver, cheated 13 victims out of S$1.2 million in investment scams over four years. He was sentenced to six years and three months in jail after pleading guilty to three charges of cheating, with five other charges taken into consideration.

Chua worked as an insurance agent with Aviva in 2018 and had previous roles as a relationship manager at UOB and a personal banker at Citibank. He started working as a private-hire driver in 2017 and used this opportunity to meet victims, some of whom were his clients from UOB or Aviva. He portrayed himself as a successful forex trader to lure victims into investing with him.

Chua was fired from Aviva in July 2021 and used a demo account with IG Brokers Singapore to deceive victims into investing with him. He promised high returns and offered attractive interest rates that were impossible to achieve. He also gave gifts and sums of money to victims to maintain the illusion of success.

Chua was reported to the police in April 2021 but continued his scams until August 2023, using the money for gambling, collectables, and personal expenses. He cheated a total of S$1,233,290 from victims including a primary school teacher, a physician, and a hawker.

One victim, a freelance stylist, gave Chua S$260,000 after he convinced her to invest with him multiple times. Despite promises of high returns and a free iPhone, she did not receive any of the returns or principal back.

Chua was arrested in August 2023 and remanded from February 12 of the same year. The prosecution sought 76 to 84 months' jail time for Chua due to the large sum involved, the number of victims, and the duration of his offenses.

According to the source: CNA.