Hefty fine for money changer who tried to bribe Maybank employee

SINGAPORE: A local money changer has been fined $3,500 for attempting to bribe a bank employee in order to procure and profit off of discontinued $1,000 notes.

47-year-old Ahamed Sahib Ziaudeen Abdul Rahman approached Maybank employee Poh Leong Hui near his workplace and tried to bribe him to secure 10 to 15 pieces of $1,000 notes.

The defendant offered Poh Leong Hui a commission of at least $2 for each $1,000 note. However, Poh Leong Hui reported the matter to the bank’s compliance unit, which then forwarded it to the Corrupt Practices Investigation Bureau.

The court heard that Sahib operated a money exchange business called $&C Xchange Centre at People’s Park Centre and frequently went to Maybank to exchange coins.

Following the Monetary Authority of Singapore’s announcement on November 3, 2020, that it would cease issuing $1,000 notes from January 2021 to prevent money laundering and terrorist financing, Sahib decided to charge higher fees to customers who requested $1,000 notes in order to increase his profits by $5 to $10.

The prosecution sought a heftier fine of $5,000, while the defence asked for a lighter sentence and called a $5,000 fine excessive and “crushing”.

She told the court that her client was “driven by desperation” during the Covid-19 pandemic as he found it difficult to financially sustain his family in both Singapore and India.

Sahib could have been fined up to $100,000, jailed for five years, or both.