4-8-2023 (SINGAPORE) Sumiko-Jill Teo Hui-Ni, a former remisier at Maybank Kim Eng Securities, has been extradited to Singapore and charged with over 50 offences involving S$13 million. The 37-year-old Singaporean left for Spain in January 2022, before a police report was filed against her alleging criminal breach of trust.
An Interpol Red Notice was issued, and she was later arrested with the help of the Spain National Police and the United States Homeland Security Investigations. She was then extradited on July 27 and handed multiple charges on July 29, including criminal breach of trust as an agent, fraud by false representation, and forgery.
Teo is accused of dishonestly misappropriating more than S$13 million that was entrusted to her by 15 people between January 2020 and December 2021. She allegedly provided the victims with forged trading records or manually entered trade transactions to give the impression that their money was properly used for trades in their accounts.
Teo, who returned to court on August 4, was represented by Ms. Diana Ngiam from Quahe Woo & Palmer. She did not answer the question of whether she consented to extradition or sought asylum. She asserted that she was merely overseas for a holiday and did not know that investigations had commenced against her. According to the prosecution, she had resisted extradition to Singapore and sought asylum in Spain.
The judge denied her bail after arguments from both sides. If convicted, Teo faces jail terms ranging up to 20 years and fines. In a statement issued by the Singapore Police Force, Director of the Commercial Affairs Department David Chew thanked US and Spanish authorities for their “invaluable assistance in this extradition”.
“We will continue to collaborate closely with Interpol and our wide network of overseas law enforcement partners to locate, arrest and extradite criminals to face justice in Singapore,” said Mr. Chew.
Teo’s case highlights the importance of trust when it comes to financial transactions, and the consequences of breaching that trust. It also serves as a reminder that the authorities will work tirelessly to bring those who commit financial crimes to justice.
