DBS wealth planning manager allegedly cheated victims of $348k by promising high interest
Shaffiq Alkhatib
The Straits Times
Sept 5, 2024
A man has been charged after he allegedly duped four people into transferring $348,000 in total to his personal bank accounts, and tried to cheat two others of $240,000.
Pang Yu Heng, 27, who was a wealth planning manager with DBS Bank at the time of the alleged offences, was charged on Sept 5 with four counts of cheating and two counts of attempted cheating.
The Singaporean is accused of cheating each of the four victims of between $24,000 and $190,000.
DBS told The Straits Times that his employment was terminated in June 2023.
"We have also reached out to our customers who've been impacted to provide our support," said a bank spokesperson.
"Safeguarding our customers' best interests and financial well-being is of utmost importance to us, and we take a zero-tolerance approach towards any employee who is found to have breached the bank's code of conduct."
The police said in a statement on Sept 4 that Pang allegedly promoted fictitious fixed deposit products to his customers, promising high interest rates. In June 2023, officers received a report from a local bank about his alleged offences, the police said.
He is accused of cheating his first victim of $74,000 over two occasions between early March and April 11, 2022.
He allegedly used a similar method to cheat three others from around March 15, 2022, to March 1, 2023.
In addition, he is said to have tried but failed to cheat two people of another $240,000 in total in January and March 2023.
He is expected to plead guilty on Oct 17.
For each count of cheating, an offender can be jailed for up to 10 years and fined.
