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Financial fraud by Balvinder Sandhu.

By Balvinder Sandhu.

It's been acknowledged that the affection of cash is the foundation of all evil. this can be merely too precise as we profile instances concerning cash issues. Tricksters are speedy to prey on Man’s wish to have extra money because of this sleights of hand and ponzi schemes be triumphant. Even senior finance managers frequently succumb to greed and lust, betraying their employer’s belief to fund their playing or to lavish dear presents on their mistresses. no matter if small time criminal or pro swindlers, not anyone is above the legislations as we discover out

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Lekhraj’s accounts showed that these phones were sold to customers in Indonesia, which means that there would Chapter 2: The Taxman’s Revenge be no GST levied on them as they were exported. As it turned out, these phones didn’t even exist. As a result of this detailed scheme, Lekhraj claimed $414,483 in GST refunds and received another $302,988 in input tax (the GST paid on purchases or goods imported for business) credit. IRAS officers found 97 separate ‘suspicious purchases’ in Lehkraj’s records, all of them for phones purchased from SEPL.

Only 40 of the 128 charges were proceeded on—two of the charges were withdrawn and the remaining 86 charges were taken into consideration. Teo pleaded guilty to the 40 charges and was sentenced to 24 months in prison and ordered to pay a penalty of $1,535,940. 55 Charity Under Fire Charity Under Fire Chapter 3: In 2005, the National Kidney Foundation (NKF) found itself at the centre of one of Singapore’s most high-profile financial scandals. The shocking details of the saga involving the nation’s largest charity organisation had everyone riveted for the next three years.

The fact that he didn’t profit from his deception and that there were no losses caused to SIMEX were also taken into consideration. Leeson was eventually sentenced to six-and-a-half years 31 32 Financial Fraud in prison. The sentence was backdated to 2 March, when Leeson was arrested in Frankfurt. Leeson was dressed in a dark suit and a tie and although he looked relaxed when he arrived at court, he blinked and bit his lower lip when the sentence was passed. While there was speculation that Leeson would file for appeal and risk a higher sentence, a spokesman for his law firm said that the ex-trader had decided not to proceed with it when the time came.

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