GST fraud fined $1.2million

SINGAPORE - Eric Chia Puay Yeoh, described as the mastermind behind an elaborate GST fraud scheme, was jailed for 15 months yesterday.

He was also ordered to pay a penalty of more than $1.2 million, which is three times the amount of the fictitious claims for GST refunds amounting to $400,394.27, said the Inland Revenue Authority of Singapore in a statement.

Chia and his accomplices tried to claim GST refunds totalling $953,192.07 from January 2005 to March 2007.

He pleaded guilty to 45 charges, while another 77 charges were taken into consideration during sentencing.

This article was first published on July 11, 2014.
Get The New Paper for more stories.