Jail term for man who duped banks extended by 6 weeks over latest cheating conviction
A Russian man who is now behind bars after he and an accomplice colluded to cheat two banks by falsely declaring the beneficial ownership of several companies, will spend six more weeks in jail after he pleaded guilty on Friday to six more cheating charges.
Vadim Koryagin, 54, was sentenced to four weeks’ jail in September 2021, while Singaporean Andruew Tang You Liang, then 32, was given two weeks’ jail over offences which entailed circumventing the banks’ anti-money laundering procedures. The pair had committed the offences in 2014 and 2016.
They were each convicted in 2021 on three counts of cheating.
District Judge Eddy Tham, who handled these earlier proceedings, had said that Koryagin was the “principal driver” in the offences, so he was handed the stiffer sentence.
The judge had also noted that there was no evidence of illicit funds involved in the men’s cases.
The pair later appealed against their conviction and sentences.
In April 2022, the High Court dismissed their appeals and Justice Kannan Ramesh said that the false declarations hindered the checks carried out by the banks and thus jeopardised the banks’ reputation.
Two Singaporean women - Phee Sim Gek, then 43, and Seet Mei Siah, then 64 - were each sentenced to five days’ jail in 2020 over their roles in the offences.
The case involving a fourth Singaporean, Joel Sam Thomas, 38, is pending.
Recounting Koryagin’s current case, Deputy Public Prosecutor Gan Ee Kiat told District Judge Shaiffudin Saruwan on Friday that the Russian had set up in February 2014 a firm called MEA Business Solutions to help foreigners incorporate companies and set up bank accounts in Singapore.
Koryagin would act as a nominee director of the companies and appoint local residents to serve as nominee directors as well
Joel, Seet and Phee were among these nominee directors, said the DPP.
The DPP told the court: “The accused explained to Joel that his role was to act as a nominee director, which encompassed the signing of forms and opening of bank accounts for companies, and did not involve running the companies.”
On Dec 15, 2014, MEA incorporated Horizon Global Overseas for one Andrey Bokser, but Joel was listed as the firm’s sole shareholder and director on Horizon Global’s Accounting and Corporate Regulatory Authority profile.
MEA was also engaged to open bank accounts for Horizon Global.
Sometime before or around Dec 23, 2014, Koryagin told Joel that Horizon Global needed a bank account and gave him the necessary information.
DPP Gan said that Joel went to an OCBC Bank branch to open a corporate bank account for Horizon Global, falsely declaring that he was its ultimate beneficial owner.
According to court documents, Koryagin also committed similar offences between 2014 and 2016. Among them were those involving Phee and Seet.
For each count of cheating, an offender can be jailed for up to three years and fined.
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