A 33-year-old man in Singapore cheated 14 victims of nearly ₹ 3.5 crore by abusing an internal staff purchase scheme to fund his spiralling credit card debts.
A former employee of luxury watch retailer Cortina Watch cheated customers of nearly S$500,000 (around ₹3.46 crore) by abusing an internal staff purchase scheme to fund his spiralling credit card debts, a Singapore court has heard.
According to a report by CNA, the accused has been identified as 33-year-old Soh Jian Kun. He pleaded guilty on January 2 to four amalgamated cheating charges. Another 13 charges will be taken into consideration during sentencing, which is expected in February.
Soh had reportedly worked at Cortina Watch since 2015 and was arrested when his offences came to light in 2025. According to court documents, he swindled S$494,583 from 14 victims between September 2024 and July 2025.
The 33-year-old began applying for credit cards after his salary increased following his deployment to the retailer’s Marina Bay Sands store in 2017 or 2018. At one point, he had approximately seven credit cards, and he reportedly splurged on luxury goods and travel, accumulating substantial debt.
Even after entering a debt consolidation plan through Credit Counselling Singapore, he was unable to keep up with repayments and continued borrowing from moneylenders. According to CNA, Soh also cheated his friends, acquaintances and former clients whom he believed trusted him because of his long service with Cortina Watch.
The company operated a staff purchase scheme allowing eligible employees and their next-of-kin to buy “hard-to-obtain” luxury watches. Soh “was of the view that Cortina Watches did not closely scrutinise the purpose of the purchase under the scheme, and thought that this was a loophole he could exploit”, said the prosecutor.
Failed Ponzi scheme
Soh reportedly convinced victims they could purchase high-demand watches through him, citing the scheme. To sustain the deception, he forged receipts, falsified company forms with Cortina Watch’s stamp and fabricated screenshots of conversations with supposed company staff. Several victims were told to pay deposits of up to half the retail price in advance.
One of Soh’s victims transferred S$181,350 for 7 luxury watches from Rolex and Patek Philippe. However, Soh never intended to place orders and instead used the funds to repay his debts. Prosecutors said he planned to run what effectively became a Ponzi-style arrangement, where he planned on refunding earlier victims using deposits from later ones. However, the scheme eventually collapsed.
Soh resigned from the company after his offences came to light in 2025. He has since cooperated with investigators and provided details of victims who had not yet lodged police complaints. He has repaid S$13,000 so far.
