Singaporean man, 62, loses S$1.6M stolen by son, including S$533K in CPF savings; son sentenced to 7 years’ jail

Summary

• A Singaporean man’s son, Tay Yi Cong, was jailed for seven years after stealing S$1.6 million from his adoptive father to fund gambling and luxury spending.

• The 29-year-old former Singapore Armed Forces (SAF) regular also stole from colleagues and a bunkmate, causing total victim losses of about S$1.83 million.

• Tay used his father’s Central Provident Fund (CPF) account to take S$533,800, then spent the full amount at Resorts World Sentosa Casino.

SINGAPORE: A 29-year-old Singapore Armed Forces (SAF) regular stole S$1.6 million from his adoptive father to feed a gambling habit.

The stolen sum included S$533,800 from his father’s Central Provident Fund (CPF) savings, which Tay Yi Cong later spent at Resorts World Sentosa Casino.

Tay was sentenced to seven years’ jail after pleading guilty to seven charges. Another 28 charges were taken into consideration, Channel NewsAsia (CNA) reported (Aug 13).

Gambling debts opened the door to bigger theft

Tay had accumulated about S$60,000 in debt while gambling in Taiwan. He first stole from people around him, including a bunkmate and his younger brother.

He also stole a Rolex watch worth S$11,900 at a casino.

After returning to Singapore, Tay used his father’s personal details to obtain loans and credit cards from five banks.

He then accessed his father’s bank accounts and transferred funds to his own accounts.

CPF savings became the biggest target

Tay knew his father needed facial scanning to withdraw CPF funds. He posed as a CPF staff member and convinced his father to complete the scan.

He then changed the withdrawal limit and transferred S$533,800 into his father’s bank account before taking it all.

When his father noticed missing money, Tay posed as bank staff and blamed the banking system for the problems. He later forged a police report to delay discovery.

His father finally discovered the CPF withdrawal on March 11, 2024. Tay fled to Taiwan after hearing police were investigating.

Seven years’ jail follows months of deception

Tay committed further offences against two SAF regulars while in Taiwan. He returned to Singapore on June 17, 2024, and was arrested at Changi Airport.

He made only S$37,700 in restitution to his father. The victims suffered total losses of about S$1.83 million.

District Judge Kamala Ponnampalam said the extent of Tay’s deception warranted a stiff sentence. Deputy Public Prosecutor Ariel Tan also stressed the harm caused by betraying his own father’s retirement savings.

The Ministry of Defence (MINDEF) said Tay had been suspended since his arrest. The SAF will take disciplinary and administrative action, which may include discharging him.

Trust should never mean giving anyone unrestricted access to your money. Passwords, account access, and financial checks should never be taken lightly, even at home.

Simple safeguards, including stronger passwords, can help protect families from such financial abuse.