Singapore man jailed for exploiting elderly businessman’s delirium to siphon S$1.27 million from firm

SINGAPORE: A 31-year-old Singaporean man, Ezekiel Loy Wei, has been sentenced to eight years and four months’ imprisonment for a series of offences involving criminal breach of trust, deception and proceeds from serious crimes.

His crimes centred on exploiting a 73-year-old company director who was hospitalised and later diagnosed with post-intensive care delirium that developed into dementia.

The victim, Ronald Yip, was a retired, divorced man living alone in a Telok Kurau private property.

Although retired, he remained a director and shareholder of Yip Holdings Pte Ltd (YHPL), while his daughter lived in the United States.

At the time of the offences in 2016, Loy was only 22 years old and serving full-time National Service.

Company Control Taken While Victim Was Medically Impaired

Court documents revealed that Loy became acquainted with Yip between late 2015 and early 2016 and was appointed a director of YHPL in April 2016.

In August that year, Loy incorporated a separate company, Yip & Loy (Y&L), naming himself as sole director and shareholder — a move prosecutors said marked the start of his plan.

At the same time, Yip was hospitalised.

By September 2016, doctors confirmed he was suffering from post-ICU delirium, which later progressed into dementia.

During this period, Loy took control of approximately 52.5 per cent of YHPL’s shares.

Soon after, Loy used Yip’s Telok Kurau property as collateral to secure a S$4 million loan for YHPL.

While part of the loan was used to settle Yip’s remaining mortgage, more than S$1.26 million was disbursed into YHPL’s account in November 2016.

Funds Rapidly Diverted for Luxury Spending

Within a day of the funds entering the company account, Loy transferred the money into his personal account and systematically dispersed it.

About S$850,000 was moved into his mother Gian Juat Ngim’s bank account.

The remaining funds were used to purchase property at Lucky Commercial Centre along Orchard Road, buy stocks, settle mortgages, acquire a Rolex watch and even a Mercedes sports car.

When questioned by banks about the unusual transactions, Loy falsely claimed that Y&L was involved in distributing Korean cosmetics and palm oil equipment.

He later avoided queries from Yip’s daughter and financial institutions by becoming uncontactable.

Mother Convicted for Assisting in Laundering Proceeds

Loy’s mother, Gian, 61, worked part-time as a private tutor and was also caring for her stroke-stricken husband.

Despite knowing that her son earned little and was under police investigation, she accepted and held large sums of money transferred to her account.

The court found that she had reason to believe the funds were linked to criminal activity but nonetheless complied with her son’s instructions, enabling the scheme to proceed.

Court Highlights Lack of Remorse

During trial, Loy offered contradictory explanations, at times claiming the arrangements were agreed upon with Yip, and at others insisting the funds were personal savings kept in cash.

He also made baseless accusations against the victim, investigators, lawyers and prosecutors.

The judge noted Loy’s complete lack of remorse, though also considered his young age at the time of the offences and the fact that some funds — about S$1.03 million — were eventually recovered.

Gian was sentenced to two years and six months’ imprisonment. She has indicated through her lawyer that she intends to appeal.