SINGAPORE – In a shocking breach of trust, a 16-year-old boy siphoned off more than $90,000 from his father’s Central Provident Fund (CPF) and bank accounts to fund his extravagant hobbies, including fishing trips and a holiday in South Korea.

The young culprit, now 17, pleaded guilty on September 3 to charges under the Computer Misuse Act. His father, who had allowed him access to his online banking for legitimate reasons, was blindsided when the money began disappearing.

According to Deputy Public Prosecutor Foo Yang Yi, the teen had been assisting his father with financial management since early 2023, acquiring sensitive login information in the process. This included not only the father’s CPF account but also details related to insurance policies.

In August 2024, the teenager exploited this access to make unauthorized withdrawals from the CPF account, amounting to over $25,000. Fueled by a mix of curiosity and impulsiveness, he later logged in via his own phone to secure loans exceeded $68,000 from the father’s insurance policies.

Once the cash flowed into his father’s bank account, the boy quickly transferred a staggering $91,149 to his own account using PayNow.

The scheme unraveled when the father’s niece inquired about his insurance policies, leading to the discovery of the unauthorized transfers. Shocked, the father filed a police report in February after noticing the suspicious transactions.

Revealing the boy’s motivations, DPP Foo mentioned that the teen admitted using the stolen funds for a series of fishing excursions and a trip to South Korea.

Interestingly, while no restitution has been made yet, the father and son have apparently reached an informal agreement for the teen to repay the money once he secures a job.

In defense of his client, lawyer Mr. Paul emphasized the youth’s naivety, suggesting that the acts arose from a misguided sense of adventure rather than any malicious intent. "He acknowledges that he was foolish and was caught up in a wave of childish exuberance," he noted.

As the case moves forward, the judge has requested probation and reformative training reports, postponing sentencing until October.