Four Men to Be Charged in Singapore Over S$6 Million Mortgage Fraud Scheme
Four men aged 27 to 39 will be charged in a Singapore court on November 10 over an alleged scheme to obtain more than S$6 million in mortgage loans using a stranger's home as collateral, police said. A fifth suspect is still being traced.
Four men aged between 27 and 39 will be charged in a Singapore court on Tuesday, November 10, over an alleged scheme to fraudulently obtain more than S$6 million (US$4.68 million) in mortgage loans, police said on Monday. The Singapore fraudulent mortgage scheme charges follow an investigation by the Bedok Police Division.
Police said the men worked with another man to get loans from two credit companies. They allegedly used a residential property as collateral without its owner's knowledge.
The case came to light on April 3. The owner found that a caveat, a legal notice recorded against a property, had been lodged on his home over a loan application he had not authorised.
Preliminary investigations found that fraudulent documents had been used in the applications.
Roles alleged by police
A 39-year-old man allegedly impersonated the owner and used forged identity documents to help the loan applications go through. Police said he signed loan documents and collected property-related documents from law firms.
A 27-year-old man allegedly lured the owner away from his home on two occasions under false pretences.
While the owner was away, a 29-year-old man allegedly arranged access to the property so valuers could carry out valuations. The owner did not know.
A 36-year-old man allegedly helped arrange for a forged identity card to be made for the scheme.
Officers identified and arrested the four men during a two-day operation on April 14 and 15. They seized a forged identity document and mobile phones as case exhibits.
Police said efforts to trace the remaining accomplice are continuing.
Charges and penalties
The 27-year-old will face two counts of abetment of cheating. The 29-year-old will face one count of abetment of cheating.
The 36-year-old will be charged with one count of abetting the unlawful issue of an identity card.
The 39-year-old faces six charges: two counts of abetment of cheating, one count of possessing a forged identity card and three counts of using as genuine a forged electronic record.
Abetment of cheating carries a jail term of up to 10 years. Offenders may also be fined, caned or both.
Abetting the unlawful issue of an identity card and possessing a forged identity card each carry up to 10 years in jail, a fine of up to S$10,000, or both. Using a forged document as genuine for the purpose of cheating carries up to 10 years in jail.
