A 16-year-old boy secretly withdrew more than S$90,000 from his father’s Central Provident Fund (CPF) and insurance accounts, using the money to fund fishing trips and a holiday to South Korea.
According to The Straits Times (ST), the teen, who had been helping his father with online banking since 2023, first took over S$25,000 from his father’s CPF account.
He later accessed his father’s insurance policies and took out at least three loans exceeding S$68,000.
Now 17, he pleaded guilty on Wednesday (3 Sept) to one charge under the Computer Misuse Act.
Because he often assisted his father with tasks such as checking CPF balances and paying insurance premiums, the teen knew the login credentials for both accounts.
In August 2024, he withdrew more than S$25,000 from his father’s CPF account and then took at least three loans totalling over S$68,000 from insurance policies.
Source: Central Provident Fund, for illustration purposes only
The funds were initially deposited into his father’s bank account before he transferred S$91,149 to his own account via PayNow.
Prosecutors said the teen spent the money on several fishing trips and a holiday to South Korea in August 2024.
Source: Khoa Nguyen on Canva, for illustration purposes only
The theft came to light in February 2025 when the father’s niece helped him review his insurance policies.
It was then that the father noticed the unusual PayNow transfers to his son’s account and filed a police report.
No restitution has been made so far, although the father and son agreed that the teen would repay the money once he begins working.
The teen’s defence lawyer described his client’s actions as “stupid” and “childish exuberance”, but added that he has since matured and behaved responsibly.
The judge has requested a probation suitability report and a reformative training suitability report.
Sentencing has been adjourned to October.
Also read: Teen in Taiwan burns to death after stealing family’s Mercedes-Benz & crashing it into truck
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image by MS News.