Business Crime: Telecoms company wins default judgment against employee
Matthew YEO Kay Keng was a salesman for Singapore's M1, a mobile operator. And he worked part time as a phone retailer. Just one slight difficulty there: he had no legitimate source of supply for the phones - and as far as money laundering goes, the man was an idiot of the first order.
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Strangely, it was not the expensive trips abroad nor the ridiculously expensive watches (Patek Philippe, Audemars Piguet - he bought five ranging from SGD15,000 to SGD50,000 the Singapore High Court was told in an application for summary judgement against the 38 year old) that led to his downfall. Nor was it the SGD250,000 Porsche - that he kept for just two months before trading it in for another costing almost twice as much.
But an internal audit at Mq found contracts with corporate subscribers had serious discrepancies - and more than 3,000 handsets were missing.
The total, according to court papers, is SGD2.06 million.
HIs scam was simple and seemingly bound to be found out. M1 alleges that YEO created fictitious sales and then simply collected the mobile phones that the supposed customer would be entitlted to. Then he sold them.
But one has to ask the most basic questions: how does anyone sell more than 3,000 mobile phones, even over a three year period. It is difficult to imagine that he did not have some kind of supply chain.
There is no news on whether M1 has registered each phone's unique ID number and can, therefore, trace the units.
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