Singapore Man Admits Cheating Customers Of Nearly $500,000 In Failed Ponzi-Style Scam

Last Updated:January 03, 2026, 09:01 IST

Soh Jian Kun admitted to cheating 14 Cortina Watch customers of nearly 500000 dollars via a staff purchase scheme to pay debts. Sentencing is set for February in Singapore court.

Soh Jian Kun admitted to cheating 14 Cortina Watch customers of nearly 500000 dollars via a staff purchase scheme to pay debts. Sentencing is set for February in Singapore court. (AI Image)

A former employee of the Singapore-based luxury watch retailer Cortina Watch has admitted to cheating customers of nearly $500,000 (about ₹3.46 crore) by exploiting an internal staff purchase scheme to service mounting credit card debt, a Singapore court heard.

According to Channel NewsAsia (CNA), the accused, 33-year-old Soh Jian Kun, pleaded guilty on January 2 to four amalgamated cheating charges. Thirteen additional charges will be taken into consideration during sentencing, which is scheduled for February.

Soh, who joined Cortina Watch in 2015, was arrested after his activities came to light in 2025. Court documents show that between September 2024 and July 2025, he cheated 14 victims out of $494,583.

The scheme was driven by his worsening financial situation. After being posted to the retailer’s Marina Bay Sands outlet in 2017 or 2018, his higher income enabled him to obtain multiple credit cards, at one point holding around seven. Prosecutors said he spent heavily on luxury goods and travel, quickly accumulating debt.

Despite enrolling in a debt consolidation plan through Credit Counselling Singapore, Soh failed to keep up with repayments and continued borrowing from moneylenders. He then turned to friends, acquaintances and former clients, whom he believed trusted him due to his long tenure at Cortina Watch.

The company’s staff purchase scheme allowed eligible employees and their next-of-kin to buy “hard-to-obtain" luxury watches. Prosecutors said Soh believed the scheme was not closely scrutinised and saw it as a loophole he could exploit.

Failed Ponzi-style setup

Soh allegedly convinced victims that he could secure high-demand watches through the scheme. To maintain the ruse, he forged receipts, falsified company forms bearing Cortina Watch’s stamp, and fabricated screenshots of conversations with supposed company staff. Victims were often asked to pay deposits of up to 50% of the retail price.

In one case, a victim transferred $181,350 for seven luxury watches from Rolex and Patek Philippe. He never intended to place the orders and instead used the money to repay personal debts.

Prosecutors said his actions amounted to a Ponzi-style arrangement, where deposits from later victims were meant to repay earlier ones. The scheme eventually collapsed.

Soh resigned from Cortina Watch after the offences surfaced and has since cooperated with investigators, providing details of victims who had yet to lodge police reports. He has repaid $13,000 so far.

The prosecution is seeking a jail term of 58 to 67 months, while the defence has asked for leniency. Sentencing was adjourned to February to allow Soh’s lawyer to submit evidence that he lacks the financial means to fully compensate the victims.

Under Singapore law, cheating carries a maximum sentence of 10 years’ imprisonment and a fine, with stiffer penalties applicable for amalgamated offences.

News world Singapore Man Admits Cheating Customers Of Nearly $500,000 In Failed Ponzi-Style Scam

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