Fraudulent Loan Application Syndicate Busted
The Police have arrested two men and a woman, aged between 27 and 40, for their suspected involvement in a series of fraudulent loan applications involving a bank in Singapore. Another four men and two women, aged between 24 and 64, are currently also assisting in investigations for their suspected involvement in the series of fraudulent loan applications.
In May 2019, the Police received information that several personal loan applications were found to be supplemented with salary slips believed to be forged. Through extensive enquiries and follow-up investigations, officers from the Commercial Affairs Department established the identities of the trio and arrested them along Lower Delta Road and New Bridge Road on 10 June 2019. Two mobile phones, some bank related documents, several pieces of jewelleries and cash amounting to $1,750/- were seized as case exhibits.
Preliminary investigations revealed that the 40-year-old man is believed to have facilitated in the submission of forged salary slips in more than 10 loan applications amounting to about $190,000/- since April 2019.
The man will be charged in court on 12 June 2019 with the offence of abetment by conspiracy to cheat under Section 420 read with Section 109 of the Penal Code, Chapter 224. If convicted, he shall be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to a fine. Investigations against the other man and woman are still ongoing.
The Police take a serious view against any person who may be involved in the forgery of documents for the purpose of cheating and the perpetrators will be dealt with accordingly to the law.
Members of the public who wish to apply for personal loans should do so through a licensed company or bank. To prevent abuse, do not hand your personal documents and information to unauthorized persons claiming to be loan brokers
Source: Singapore Police Force