Jail for man who sold his company’s diesel oil to buyers directly, pocketing over $1.1 million

A senior finance manager at a Singapore-based fuel distributor has been jailed for three years and five months after admitting to selling his company's diesel oil directly to buyers, earning over $1.1 million through illegal arrangements spanning nearly two years. The convicted individual, Lee Wai Khong, 37, was sentenced following his guilty plea to charges of criminal breach of trust and the transfer of proceeds from his criminal activities. Two additional charges were considered during the sentencing process. Lee, who previously earned a monthly salary of $8,500, began receiving extra income from the scheme between October 2024 and March 2025, initially making between $80,000 and $100,000 per month. His illicit earnings increased significantly, reaching between $150,000 and $200,000 monthly between April 2025 and July 2025. According to court documents, Lee worked at PS Energy in Singapore from 2015 to 2019 before rejoining the company in 2021 and being promoted to senior finance manager in 2023. As part of his role, he conducted audits on the company's diesel oil stockpile and had full authority over the inventory. In March 2023, a former driver of the company, referred to in court as Ricky, approached Lee seeking assistance in returning to the firm. In exchange, Lee requested the contact details of a supplier. Ricky provided the name of a supplier known as Heng. Between August 2023 and October 2024, Lee sold diesel oil to Heng on at least seven occasions. Two charges related to these transactions were taken into account during sentencing. In October 2024, another supplier named Jim reached out to Lee for diesel oil purchases. The method by which Jim learned of Lee’s contact remains unspecified in court documents. From October 2024 to July 2025, Lee engaged in 145 transactions with Jim. Each sale involved between 10,000 to 15,000 liters of diesel oil priced between 50 cents and 80 cents per liter, allowing Lee to secure a monthly profit of $80,000 to $100,000. By April 2025, the price per liter rose to between 80 cents and $1, boosting his monthly earnings to $150,000 to $200,000. To conceal his illegal activities, Lee conducted all transactions in cash and arranged for drivers to deliver the oil to Heng or Jim. After each delivery, he manipulated the company’s inventory records by altering adjustments or transferring diesel oil stock. He was aware that his superiors did not verify the inventory logs due to his extensive control over them. Lee was apprehended on July 2, 2025, when Singapore Customs officers raided the company’s office near Jurong Town Hall and discovered stacks of cash in a drawer. The officers subsequently filed a police report. The court statement did not clarify the reason behind the raid. Upon arrest, Lee confessed to the scheme and had retained over $227,000 of his profits in his office. Approximately $320,000 was deposited into his bank account, while the remainder, totaling $599,800, was stored in a safe deposit box in Jurong East. Lee has since returned the funds to his company.