Jail for Man Over Ruse to Cheat Banks
Tan Ang Piaw, a 70-year-old director at Sit Ley Timber, was sentenced to 1 year and 10 months in jail for cheating three banks into disbursing loans totaling over $1.5 million.
Tan pleaded guilty to three cheating charges and is expected to begin serving his sentence in November, with a bail set at $50,000.
- Offences occurred between 2011 and 2014.
- Tan committed the offences with Jason Sim Chon Ang, then the executive director and chief executive of Jason Parquet Specialist (Singapore) (JPS).
No comment from the authorities or the accused was provided.
Author's summary: Man sentenced to jail for cheating banks out of $1.5m.