Benjamin Chung Hiang Wee, 32, a former wealth planning manager at DBS Bank, was sentenced to 6½ years' jail on May 25, 2026, for cheating seven victims of nearly $1.4 million SGD [1, 2, 3].

Chung pleaded guilty in April 2026 to six counts of cheating involving five victims who transferred amounts ranging from $66,550 to about $441,850 to him [1, 2, 3]. The largest sum was taken from his 62-year-old uncle, who was cheated of approximately $441,800 to $441,850 SGD [1, 2, 3]. Chung convinced his uncle to invest in a fake "two-year fixed deposit scheme" promising 4-5% interest, which never existed. Deputy Public Prosecutor Joseph Gwee said, "In truth, the whole fixed deposit scheme never existed, and (Chung) used the money... to support his online gambling. He had no intention of opening a fixed deposit account for (his uncle)" [1].

Between October 2022 and April 2023, the uncle transferred $260,000 to Chung’s account. Between December 2023 and April 2024, he transferred an additional approximately $181,850 SGD [1, 2, 3]. Chung used the misappropriated funds primarily to feed his online gambling habit, fund his wedding, and pay for renovations [1, 2, 3].

Chung transferred over $823,000 of illicit funds on at least 32 occasions between April 2023 and April 2024 [1, 2, 3]. His scams spanned from February 2022 to April 2024, targeting multiple victims using similar fake investment schemes [1, 2, 3].

He began working as a wealth planning manager at DBS in January 2019 but was terminated in November 2023 after breaching undisclosed regulatory requirements [1, 2, 3]. Police uncovered the offenses in 2024 after learning Chung misused DBS Bank's name to obtain money under false pretenses. He surrendered to authorities on May 6, 2024 [1, 2, 3].

The uncle suffered stress and insomnia because of the scam, and although he was advised to see a psychiatrist, he did not. Family relations also suffered; according to Deputy Public Prosecutor Gwee, "Family dynamics have also changed – he has been called ‘stupid’ for trusting the accused, and (he) is now distant with the accused’s mother" [1].

Chung’s sentencing ends the legal process against him as of May 25, 2026, with no scheduled appeals or further court dates reported [1, 2, 3].