PUBLISHED ONJuly 24, 2023 10:26 AMByLim KeweiBlood isn't always thicker than water.
An elderly woman learnt that the hard way when she discovered that her retirement fund had been depleted by her youngest daughter who transferred $130,000 out of their joint bank accounts.
The 73-year-old woman, surnamed Tan, had opened three joint accounts in May 2021 with her youngest daughter and split her retirement funds of $180,000 amongst the accounts, Shin Min Daily News reported last Sunday (July 23).
The amount was painstakingly saved by her and her husband and previously kept in a joint account held by the couple.
Unbeknownst to Tan, her youngest daughter had purportedly been slowly transferring money out of the three accounts for the past two years.
Her actions only came to light when Tan checked her bank statement for one of the accounts on June 26.
The account which originally held $85,007 only had $180 left, which prompted Tan to immediately check her two other accounts.
She found that another account had been completely wiped empty and the third merely had a measly $61 left.
"I had saved $180,000, and previously withdrew $50,000 so there should still be $130,000, but now I only have a little more than $200 left," a devastated Tan told the Chinese daily.
Tan immediately called her youngest daughter after her shocking discovery.
"She admitted to using my money and said she would slowly pay me back, but I don't know how she's going to do it," Tan lamented.
Tan shared with Shin Min that her youngest daughter had just gotten married in March and was allegedly facing business problems with a frozen seafood company run by the couple.
"She transferred money to her suppliers, employees, and even her husband," Tan said. "Even the registration fee for her marriage was paid with my money."
Tan professed that she does not recall the reason for opening the joint accounts with her youngest daughter.
Tan's eldest daughter, surnamed Zhuo, told the Chinese daily that the elderly woman had worked as a dishwasher for 30 years.
"My father has been bedridden for a few years because of his poor health. I didn't expect my sister to transfer all their money away," Zhuo said.
Zhuo claimed that her sister's relationship with the family worsened after this incident. She also stopped replying to Tan's messages.
Tan further elaborated that she faced difficulty in contacting her daughter as the young couple currently live in Johor Bahru while their house is under renovation.
Despite trying for two days, a Shin Min reporter was unable to contact the youngest daughter, while the husband allegedly told them not to write "baseless accusations".
Although Tan has lodged a police report, she said that the police told her they are unable to take any action as the joint account is also under her youngest daughter's name.
"They advised us to seek advice from a lawyer, but we'll have to spend a lot of money to do so," Tan said.
Zhuo said that by publicising their plight, the family hopes that the young couple will step forward to rectify the situation.
