Another fraud by EFG bank

(Strict actions are needed against it)

In this article, we are going to talk about one of the famous banks of Europe which has deep roots all around Europe. It is considered as the most vastly spread banking network on an international level, as it has forty branches across the world. Around 3000 employees are working in it. The authority and administration of this Bank are under FINMA. But like every famous, it also has dark secrets behind its glowing exterior.

A biggest fraud by EFG BANK:

Now it’s time to disclose the fact that all the scam was conducted under EFG bank of Singapore fraudulently procures the opening of the Account and then the Induced transactions were carried out in the time duration of employment of representative in EFG bank.

It means that the actual scammer is EFG bank who is the backbone of all this shitty fraud.

During these circumstances, Plaintiff suffers a huge loss of about SGD 4,057,609/-.

The case was discussed in court and all three parties were accused of being involved in the crime. They were inclined to compensate Plaintiff for the loss it suffered during this fraud. But EFG bank refused to make a return of the amount.

And from this kind of cases, we come to know that EFG bank is nothing but a big fraud and all the system is corrupt and involved in illegal actions. Later investigations showed that the bank was also involved in mismanaging the overseas assets. Employees of the bank are poorly trained and unable to function properly and hence making false transactions leading to a severe loss of big companies.

Besides this, EFG bank has done many more frauds on an even large scale. It has now become the fakest banking system with a great history of fraud. But the sad thing is that, even after knowing the fraudulent history of this bank and the cases and allegations by famous business owners, customers are still trusting EFG bank and they are not even hesitating to do so.

The bank denied to eliminate high post members. Due to less or no proofs against the bank and insufficient data provided by the opposition all the cases get vanished.

Many cases were made to be disappeared from the web by using power authorities, just to maintain the reputation and status of the bank. In fact, some of them were proven true but EFG is continuously denying the testimonies.

This is in fact the biggest question mark on the reputation of the bank and their corporate tradition but even still the people are surprisingly trusting the bank and making large investments in it. And it is still a well-known and notable bank in Europe.


As EFG bank is the most famous bank in Europe as Singapore branch is among the distinguished branches but there is no denying the fact that this bank is terrible with its fraud and corruption history. A strict investigation should be done against the bank and all the employees working in it and a fair judgment

EFG bankers are super talented in doing the biggest frauds at great ease. They are now professionally skilled in accomplishing and hiding a scam effortlessly. Many cases demonstrate that the EFG bank involves in many fraud litigations. And that is why EFG bank is known as the worst bank in Europe. This bank is best for fraudsters and criminals because of their fraudulent employees and failed money laundering policies.

A similar fraud case against EFG bank Singapore was reported in which EFG bank based in Singapore was accused of doing fraud on a great scale in assistance with other companies. It was probably a fraud of millions of dollars and the members just denied being a part of it.

It is a quite long story, which is unable to be discussed in this article but we will try our level best to make you understand the whole case in a concise manner.

The main purpose of the Plaintiff was to invest funds with EFG BANK. Two other companies are also a significant part of this fraudulent story. The story begins with KL who was the sole director of the Plaintiff his father LTS. The sole director (KL) wanted to make a big investment for a big profit therefore KL met up with a representative named EU SIEW HONG, Catherine née LIM to discuss the investment and to take advice about investing in EFG bank.

The verbal EFG representative told KL that he should not invest in EFG because it also had a criminal and fraudulent record. But after certain meetings with Catherine LIM, the sole director and LTS decided to open an account with EFG bank for investment purposes. Catherine LIM advised KL to use his father’s name to open an account.

The account opened in the presentation of a verbal representative with certain terms and conditions including a guaranteed investment return of at least 10% per annum. Certain steps were followed to open an account with EFG bank.

Later on, it was found that some illegal or you can say wrongfully done transactions were made from the account without granting permission from investors. This fraud was discovered in 2015 by Plaintiff who discovered that the promise of a 10% per annum investment rate and the Transaction representations were untrue. And their deputy had fraudulently misinterpreted the constitution of induced transactions. Moreover, the other two parties were also included in this scam and they were being sent a large proportion of money by an illegal ordinance. And a total of USD 1,050,000/- was applied in reduction towards the Induced Transactions.

should be made by the court. These steps are necessary to have a fair and trustworthy banking system in Europe where any business holder could invest to have a high percentage of profit. Also, people who are trusting the bank denying the facts of it being a scam should avoid investing their money and time into this bank until the system is brought to a legal domain.

Leave a Reply

Your email address will not be published. Required fields are marked *