Chitchat Local Bank Defrauded of $189k By Fake Bank Loan Applications! Guess National
 

An honorable member of the Coffee Shop Has Just Posted the Following:

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SINGAPORE: Eleven men and five women have been arrested for their suspected involvement in the fake applications of bank loans that led to a bank being defrauded of more than S$189,000.

In a press release on Monday (Feb 27), police said it had received a report from a bank about loan applications from several individuals who had provided false information relating to their annual income in early February.

Upon disbursement of the loans, the borrowers defaulted on their loan repayment and could not be contacted.

Investigations showed that the suspects had used forged employment letters to support their application for the loans, police said, adding that the amount defrauded amounted to more than S$189,000.

Police subsequently launched a three-day operation from Feb 22 to 24, when they conducted simultaneous raids across the island, including locations such as Changi, Simei, Tampines, Sims Avenue, Buangkok Green, Ang Mo Kio, Toa Payoh, Yung Kuang, Telok Ayer, Chin Swee Road, Bukit Merah and Tuas. The 16 suspects, aged between 24 and 56, were arrested during the operation.

Investigations are ongoing. If convicted, the suspects could be jailed for up to 10 years and fined.

http://www.channelnewsasia.com/news/...0/3552492.html


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