Singapore, A Singaporean of Indian origin was sentenced to seven years and four months in jail for defrauding 20 individuals of SGD 2.5 million (USD 1.8 million).

According to Kashmir Media Service, Murali Krishnan Naidu had been found guilty of 17 counts of cheating related to nine people, amounting to SGD 2.5 million, over the period from 2008 to 2013. During his sentencing, an additional 43 charges, including those involving the remaining victims, were taken into account. Naidu, 53, executed an investment scam that targeted 20 people, including family friends and acquaintances, without making any restitution.

Most victims were deceived into investing their retirement savings in a lending business allegedly set up by Naidu’s wife. The prosecution, led by Deputy Public Prosecutors Jordon Li and Yeow Xuan, revealed that in August 2006, Naidu’s wife had incorporated a licensed money lending company named San Tee Credit (STC), where she was the sole proprietor and Naidu served as a manager.

Naidu, leveraging his experience from working at another money lending company, Diamond Credit, from 2003 to 2006, misled the victims by claiming that their money would be invested in STC’s lending operations. The prosecution argued that Naidu was aware that it was common for money-lending companies to secure cash from investors through investment agreements, yet he made false representations about the nature of the investments.

In Singapore, each count of cheating can lead to a maximum sentence of 10 years in jail and a fine.