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Credit Card Fraud Syndicate Busted

by March 31, 2018 Technology

The Police have arrested five men aged between 31 and 41 for their suspected involvement in a series of fraudulent credit card applications involving several banks.

From 22 to 29 March 2018, the Police received reports from several banks that a number of credit card applications were found to be supplemented with supporting documents believed to be forged. These documents include salary slips and Notices of Assessment from the Inland Revenue Authority of Singapore (IRAS). Through extensive enquiries and follow-up investigations, officers from Central Police Division established the identities of the men and arrested them at various locations between 22 March 2018 and 27 March 2018

Preliminary investigations revealed that the men are believed to have made multiple transactions with the credit cards obtained from the fraudulent applications. The men are believed to be involved in more than 50 cases amounting to $200,000 since October 2017.

Investigations are ongoing. Any person found guilty of cheating under Section 420 of the Penal Code, Chapter 224, shall be punished with an imprisonment term which may extend up to 10 years, and shall also be liable to a fine.

Source: Singapore Police Force