What can you do if you’re not able to wait until you’re 65 to start taking money out of your CPF?
Work longer since the retirement age is set to be increased? Hope your daughter-in-law don’t spend so much so your son can give you more money?
Well, while there are many ways to try and live, here’s one way you shouldn’t try.
By pretending to be dead and ask your son to claim the money from your CPF accounts.
Mother-Son Duo Tried For Insurance & CPF Fraud
According to a report on STOMP, a 35-year-old man and a 54-year-old woman were charged in court on 12 Apr.
Their crime?
For faking the mother’s death in Pakistan.
They had made insurance and CPF claims of $3.7 million.
Unfortunately for them, they were caught before they could finish getting everything and make away with it.
What Happened?
On 13 Nov 2018, insurance company AXA made a police report after discovering some discrepancies in the documents submitted on the woman’s purported death.
By then, the duo had already received $49,000 from the National Trades Union Congress (NTUC) via the Dependant’s Protection Scheme and $over $80,000 from the mother’s CPF account.
The Commercial Affairs Department (CAD) investigated and arrested the duo on 21 Nov 2018.
Hefty Punishments On The Horizon
The woman faces five charges of being an accomplice in a conspiracy to cheat.
The man faces 11 charges, including:
- Engaging in a conspiracy to cheat
- Giving false information
- Providing false information
- Make a false statutory declaration
For each charge of cheating, they can be slapped with a jail term up to 10 years.
For each charge of making a false statutory declaration or providing false evidence, they can be slapped with up to seven years of jail time and a fine.
And if guilty of giving false information, a fine of up to $5,000 and a jail term of up to a year is given for each charge.
Moral(S) Of The Story:
There’s a couple of things to learn from this incident.
One, law enforcement in Singapore is pretty efficient. So chances are, you’ll be caught and punished even before you can enjoy your ill-gotten gains.
Two, insurance in Singapore really pays out, so it’s always better to get yourself protected just in case.
And three, chances are, you won’t be left with loot that you can enjoy after your stay at Changi chalet. The fine’s probably more than what you managed to cheat.
Confused over the CDL boardroom saga? Watch this simplified explanation then:
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