2 men fined over illegal scheme leading to withdrawal of $32,000 from CPF account

2 men fined over illegal scheme leading to withdrawal of $32,000 from CPF account

The Straits Times - Singapore·2021-06-30 21:01

SINGAPORE - Two men exploited an option to make investments using Central Provident Fund (CPF) monies, withdrawing more than $32,000 in an illegal scheme over a period of more than two years.

Samuel Chen Zhihao, 37, and Raymond Wong Tuck Wai, 38, were fined on Wednesday (June 30) after they each pleaded guilty to two charges of fraud under the CPF Act.

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