Former bank clerk cheated man of $32,000
46-year-old sentenced to jail for 9 months
Cousins Fadzuli Mohd and Mohammed Saodik Sinha promised their relative's friend that if he invested $50,000, he would earn more than double the amount in six months.
The friend wired over $32,000.
But he never received any returns and eventually got back only $2,000.
Yesterday, Fadzuli, 46, a former OCBC Bank special grade clerk, was jailed for nine months on one count of cheating.
Court papers said the victim, Mr Muhammad Sir'an Rashid, had been looking for investment opportunities and had asked friends, including Saodik's brother, for help.
Mr Sir'an was referred to Fadzuli, who lied that he had an investment opportunity for OCBC employees only.
He claimed that a $50,000 investment would guarantee a monthly return of $20,000 over six months. After deducting $7,000 as administrative fees, the net profit would be $13,000 per month, he claimed.
He said the $50,000 would be returned after six months.
In January 2010, Mr Sir'an transferred $7,000 to Fadzuli's bank account, but said he was unable to pay the full $50,000 upfront.
Saodik told the victim he would come up with $18,000, so Mr Sir'an only needed another $25,000.
Mr Sir'an agreed and transferred $25,000 to Fadzuli the next month.
When he did not receive any returns and confronted Fadzuli in August that year, Fadzuli admitted that the investment was a deception.
Yesterday, Deputy Public Prosecutor (DPP) Alexander Woon said in his submissions that Fadzuli had abused his position to gain the victim's trust.
DPP Woon also said that he changed his address in 2010 without informing the authorities and had not turned up for some police interviews.
Defence counsel Christopher Daniel said in mitigation that his client had cooperated with the police and had been living at the same address since 2008.
Mr Daniel also said that his client did not play a major role and had been manipulated by his co-accused.
But the district judge said that Fadzuli had an equal, if not, bigger role.
Fadzuli was granted a week's deferment to make arrangements for one of his three children, who has special needs.Saodik's case is pending.
BY THE numbers
The amount of profit per month that was promised to Mr Muhammad Sir'an Rashid for a $50,000 investment