Indian-origin banker gets 13 years in jail for forgery, cheating in Singapore

An Indian-origin private banker was sentenced to 13 years jail on Thursday in Singapore after he pleed guilty to 20 forgery and cheating charges, and ar 30 charges under Computer Misuse Act for USD 10 million.

Ar 503 similar charges were taken into consideration during sentencing of Kale Jagdish Purushottam, who h siphoned USD 10 million from accounts of Barclays Bank clients between June 2010 and January 2013, reported Straits Times.

In an attempt to pay back his former clients, Kale, 43, forged signatures to siphon off USD 10 million from his present clients.

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He n me more unauthorized transactions to recover and replace sum but ended up with extra losses of at least US$10 million inste.

Prior to joining British bank in February 2010, Kale worked for UBS Singapore where he was relationship manr for a company called Red Oak, which alleged that Kale h engd in unauthorized foreign exchange transactions using money in its account.

Deputy Public Prosecutor Ng Jean Ting said Kale agreed to pay Red Oak USD 14 million to avoid a legal case.

However, Kale paid firm with money from his Barclays clients' bank accounts.

Ting told court that Kale passed off forged documents by copying and pasting genuine signatures of authorised signatories into his own computer file.

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To cover up shortfall in bank accounts of his three clients, he forged more documents to move money between his or client accounts.

He me about 81 unauthorised fund transfers in this manner.

Kale also forged documents to create accounts in his clients' names that would allow him to take up loans. se loan sums were n transferred to Red Oak or used to cover up or unauthorised fund transfers, said deputy public prosecutor.

He raised 162 loans in accounts maintained by six of his clients, according to Singapore daily's report.

To cover up loss of his clients', Kale tried to make money through unauthorised stock and foreign exchange transactions using his clients' accounts, she ded.

"However, unauthorised tres and or transactions caused furr net losses of at least USD 10 million to Barclays," said DPP Ng.

On February 1, 2013, Commercial Affairs Department received information that Kale might have forged his clients' signatures. He was also sacked in same month.

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Defence Counsel Anand Nalachandran told court that Kale h t me transfers or tres for personal financial benefit, but to satisfy what he thought was an obligation.

"Having just moved to Barclays, he was faced with allegations (from Red Oak), and inste of heeding vice, he rar rashly acted and n did se things to satisfy his obligation," said Anand.

However, District Judge Ong Hian Sun pointed out that re was a "grave breach of trust" on Kale's end.

According to court documents, Barclays mand to recover US 4 million after a settlement with Red Oak and Kale me restitution of USD 400,000 to bank.

For each count of forgery for purpose of cheating, Kale could have been jailed for up to 10 years and fined.