On March 18, 2025, 28-year-old Pang Yuheng, a former wealth planning manager at DBS Bank, was sentenced to two and a half years in jail for cheating four clients of a total of $348,000. He had deceived them into investing in fictitious fixed deposits with promises of high returns.
Pang pleaded guilty to three counts of cheating involving $324,000, while three additional charges, including another count of cheating for $24,000, were considered during sentencing. His employment with DBS was terminated in June 2023 after the bank discovered his fraudulent activities.
As part of his job, Pang was responsible for selling insurance-related investment products. However, he devised a fraudulent scheme in March 2022, offering fake fixed deposits to clients, claiming they came with attractive interest rates ranging from 4% to 12.88% annually. These deposits had supposed maturity periods of between two and twelve months.
Between March 7, 2022, and March 1, 2023, Pang convinced four DBS clients to transfer their money directly into his personal bank accounts, misusing their trust. He used the funds to fuel his online gambling addiction and invest in an asset management company.
To avoid suspicion, he returned $104,000 to two victims using money from his gambling winnings and fraudulent gains. These two individuals had initially been cheated of $98,000. However, the other two victims, who lost a total of $250,000, were compensated by DBS with a sum of $259,000.
Pang managed to repay $70,000 to DBS, but the bank ultimately suffered a loss of $189,000 due to his actions. The fraud came to light in June 2023 when DBS lodged a police report, leading to Pang’s eventual court charges in 2024.
During the trial, Deputy Public Prosecutor (DPP) David Koh revealed that Pang would either call or meet clients in person to persuade them to invest in the fraudulent scheme. Once they agreed, he instructed them to transfer funds to his bank accounts, deceiving them into believing they were securing a legitimate fixed deposit.
Pang’s defence lawyers, Andrew Wong and Danny Nah from IRB Law, argued for a reduced jail sentence of up to two years and two months. They stated that Pang fell into gambling out of weakness and that he and his family deeply regret the incident.
Following his release from prison, Pang has committed to repaying DBS $1,000 monthly. Despite his conviction, he could have faced a harsher penalty, as each count of cheating carries a maximum sentence of 10 years in prison and an unspecified fine.
This case serves as a cautionary tale about the consequences of financial fraud, particularly within the banking industry, where trust is paramount. It also highlights the risks of gambling addiction, which led Pang to betray his professional responsibilities and clients’ trust.
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