Man Charged with Alleged Abetment to Cheat Banks

On 30 December 2021, Simon Peter Sim (“Sim”) (53-year-old male Singaporean), was charged in Court for allegedly abetting Koryagin Vadim (“Vadim”), former director of MEA Business Solutions Pte Ltd, to cheat various banks.

2. Sometime in May 2016, Sim allegedly abetted Vadim to cheat DBS Bank into believing that a certain company had no nominee shareholder, thereby wrongfully inducing DBS Bank to open a bank account for this company without information on the nominee shareholder, which was likely to cause harm to DBS Bank’s reputation.

3. Additionally, between June 2014 and July 2016, Sim allegedly abetted Vadim over several occasions to cheat DBS Bank, Maybank Singapore, and OCBC Bank by fraudulently concealing information on the ownership of three companies, thereby wrongfully inducing the banks to open accounts for these companies without such information, which was likely to cause harm to the banks’ reputations.

4. For his actions, Sim faces five charges for offences punishable under Section 417 read with Section 109 of the Penal Code, Chapter 224. Any person who is convicted of a cheating offence under Section 417 of the Penal Code, Chapter 224, can be sentenced to imprisonment of up to 3 years or be fined, or to both. Vadim was earlier sentenced to 4 weeks’ imprisonment for conspiring with several individuals to cheat multiple banks on 8 September 2021, and he has appealed against his conviction and sentence.

5. The Corrupt Practices Investigation Bureau (CPIB) looks into all corruption complaints and reports, including anonymous ones, and can be reached via the following channels:

a) Lodge an e-Complaint;
b) Email us at report@cpib.gov.sg;
c) Call the Duty Officer at 1800-376-0000; or
d) Write to us at the CPIB Headquarters @ 2 Lengkok Bahru, S159047.

6. Where possible, the report should include the following information:

a) Where, when and how the alleged corrupt act happened?
b) Who was involved and what were their roles?
c) What was the bribe given and the favour shown?

CORRUPT PRACTICES INVESTIGATION BUREAU