The Commercial Affairs Department (CAD) has interfered with the High Court’s approval to allow PRC national Yang Yin surrender his two life insurance policies worth S$98,000.
In April 13 this year, the High Court ruled that the PRC national, who is currently still waiting for trial over cheating an 88 year old Singaporean rich old lady’s S$40 million assets, is allowed to surrender his life insurance policies worth S$98,000. However when Yang Yin tried to do so, the CAD under the Singapore Police Force instructed the insurance company to not authorize the surrender withdrawal.
In a press release issued today, the CAD said that on March 16, 2010, a sum of S$340,000 cash were transferred from the old lady’s account to Yang Yin’s bank account. On the very same day, the two life insurance policies were bought at S$140,000 and S$20,000 respectively from the undisclosed insurance company. The CAD said that they will not allow the transaction unless the Judge allows so in a new application.
40 year old Yang Yin is facing a total of 349 charges of cheating and immigration charges after he tried to con a rich old lady to transfer all her assets to him and using fake degrees to obtain his Singapore Permanent Residence. Yang Yin has transferred a total of S$5 million into his own bank account and S$500,000 to his father in China. The High Court has ruled that he will not get a cents from her assets. The PRC national’s wife is also a wanted fugitive by Singapore but as Singapore has no extradition treaty with China, the woman who is believed to have absconded with a sizeable wealth is still at large in China.