Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
Search Our Archive of Gaming Articles 

Bank Exec Used Casinos to Launder Money

26 May 2004

SINGAPORE – As reported by the Straits Times: "Luck ran out for a bank executive who had been swindling his employer, when he met a colleague from the bank's anti-fraud department on board a cruise ship.

"Teo Sze Khoon, 42, then a vice-president and the deputy head of the merchant sales and marketing department at the United Overseas Bank (UOB) Card Centre, was on one of his gambling trips.

"He seemed so uneasy on seeing Mr Yong Chai Yim, 51, a vice-president who heads UOB's regional fraud management department, that Mr Yong got suspicious and checked Teo's accounts.

"Mr Yong found out that Teo had been diverting merchants' cheques made out to UOB Card Centre and UOB Ltd and crediting the sums to Teo's own UOB credit card accounts.

"…He would write his own credit card account numbers on the back of the cheques and deposit them at different branches to avoid suspicion.

"After the money was credited to his accounts, he went on cruises and got cash advances on his credit cards.

"Teo also played the jackpot machines…"

< Gaming News