Singaporean businessman David Yong has been arrested and charged with falsification of accounts. He was one of the personalities featured in Netflix series Super Rich in Korea.
Su Hanjin, one of the accused in Singapore’s largest money laundering case, was charged and convicted for submitting forged financial financial statements to IRAS, MOM, ACRA and Singapore’s three largest banks – DBS, OCBC and UOB.
Nelson Loh, the co-founder of Novena Global Healthcare Group, was jailed for 16 years for forging financial statements to obtain $69 million in loans from banks.
Falsified financial statements happens when businesses attempt to appear more profitable than they are. As the above cases had shown, It is usually done to cheat banks into disbursing loans, money laundering, cheating or outright scams.
As accountants, we have the responsibility to educate our clients to be aware of the danger and consequences of this fraudulent behavior. Furthermore, we also help businesses to monitor, detect and safeguard their assets from this type of fraud.
