Friday, October 7, 2011

M1 employee earns $2m from false contracts

By Yahoo! Newsroom | Yahoo! Newsroom – 3 hours ago

An M1 employee created fake contracts for over 3,000 handsets and earned $2 million from selling them.

A district court heard on Friday that Matthew Yeo Kay Keng stole 3,085 handsets between April 2008 and November 2010, and sold them to third parties.

The account manager would create fake subscription contracts for mobile services supposedly made by corporate customers, The Straits Times reported.

Under these contracts, the customer would have free or subsidised handsets.

He would then intercept these handsets before they were delivered by courier, saying that he would personally deliver them.

Yeo bought Porsche cars, branded watches and bags with the money earned from under-the-table sales.

The 35-year-old also made some investments with the money.

Yeo pleaded guilty to two charges of criminal breach of trust over the 3,027 handsets and seven counts of money-laundering.

23 other charges will be taken into consideration when he is sentenced later this month.

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