Enforcement Actions Media Releases
Published Date: 14 December 2022

MAS issues Prohibition Orders against Mr Selvarajulu S/O Subramaniam for cheating

Singapore, 14 December 2022… The Monetary Authority of Singapore (MAS) has issued 8-year prohibition orders (POs) against Mr Selvarajulu S/O Subramaniam, a former representative of The Great Eastern Life Assurance Company Limited (Great Eastern). The POs were issued following his conviction in the State Courts for cheating offences. 

2. Under the POs, which will take effect from 14 December 2022, Mr Selvarajulu is prohibited from providing any financial advisory services, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act 2001. He is also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.

3. Between September 2017 and July 2019, while Mr Selvarajulu was a representative of Great Eastern, he deceived 9 customers to hand over about $58,000. These included the following 4 cases.  

  • 2 customers were deceived into believing that they would be able to reinstate the cash value of their policies through a “refunding plan”, which was in fact a policy loan. On Mr Selvarajulu’s instructions, the customers subsequently transferred part of the monies they had received from the policy loan to him. 
  • 1 customer was deceived into believing that he was required to pay penalty fees to keep his Great Eastern insurance policies active.
  • 1 customer was deceived into believing that Mr Selvarajulu was receiving medical treatment for lung cancer and needed money for his medical expenses. 

4. On 24 September 2021, Mr Selvarajulu was convicted of 4 counts of cheating under section 420 of the Penal Code while another 7 counts were taken into consideration. He was sentenced to 17 months’ imprisonment. 

5. Mr Selvarajulu’s convictions gave MAS reason to believe that he has not performed, and will not perform, the type of financial advisory service for which he was appointed honestly. 


Additional Information

Section 420 of the Penal Code (Cap. 224, Rev Ed 2008)

Under this section, whoever cheats and thereby dishonestly induces the person deceived to deliver or cause the delivery of any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.