27-9-2023 (SINGAPORE) A former service manager at a Maybank Singapore branch has been sentenced to three years and ten months in prison for his involvement in a complex financial scheme that resulted in the theft of around S$1.4 million (approximately US$1 million) from the bank’s safe.
Phua Kai Liang, a 34-year-old Singaporean, pleaded guilty to two charges of criminal breach of trust as an employee and converting criminal proceeds into casino chips, with a third charge taken into consideration.
The court learned that Phua held the position of service manager at Maybank’s Choa Chu Kang branch, where he had extensive responsibilities, including overseeing branch operations, managing staff, and safeguarding the branch’s cash and financial assets. He had access to the safe and was entrusted with keys and combinations to access it.
In early 2021, Phua found himself in a financial crisis, with mounting credit card debts and substantial losses from foreign exchange (Forex) trading. Desperate to resolve his financial predicament, he began borrowing money from various sources, including friends, family, and licensed moneylenders, to pay off his debts. He also resorted to gambling to recoup his losses.
His actions took a more severe turn in March 2021 when he decided to fund his gambling and Forex trading activities with cash from the bank’s safe. Phua would misappropriate funds from the safe, either depositing them into his personal bank account for Forex trading or spending them on casino chips at Marina Bay Sands, with the hopes of accumulating winnings that could be used to repay debts or continue trading.
To avoid detection, Phua ensured that the money was returned to the safe before the start of the next business day, maintaining meticulous records to ensure the numbers and denominations matched the bank’s records.
Over the course of approximately three months, from March 23, 2021, to June 10, 2021, Phua misappropriated a total of S$1,439,250 from the bank’s safe.
However, his scheme unraveled in June 2021 when he lost S$404,000 at the casino and had no means to cover the loss. He eventually confided in his family and fiancee, who encouraged him to admit his actions and return the stolen funds to Maybank.
Phua returned the S$404,000 to the safe and confessed to his wrongdoing to his employer and branch manager.
During the legal proceedings, Deputy Public Prosecutor Leong Kit Yu sought a jail term of between 48 and 60 months, noting that Phua had abused his position for personal gain and would have continued gambling had he not lost the S$404,000. Despite this, Maybank did not suffer any financial loss as all the misappropriated sums, including those lost in gambling, were returned.
Defense lawyer Riko Isaac requested a prison sentence of 36 to 45 months, highlighting Phua’s dire financial situation and acknowledging that he was responsible for his own downfall.
The presiding judge noted the high value involved in the case and Phua’s breach of trust. However, she considered the full restitution made and granted Phua a deferment to serve his notice with his employer and settle personal matters.
