Four Charged in Singapore Over S$6 Million Mortgage Fraud

Four men aged between 27 and 39 appeared in court in Singapore on Tuesday (Nov 10) over an alleged Singapore mortgage fraud scheme in which a residential property was used to seek more than S$6 million in loans without its owner’s knowledge.

The Singapore Police Force said the men allegedly worked with a fifth man to obtain the loans from two credit companies using the property as collateral, Mothership and Malay Mail reported. Efforts to trace the fifth man are ongoing.

Owner found caveat on his property

Police received a report on April 3 after the owner discovered that a caveat had been lodged against his home in connection with a loan application he had not authorised.

Preliminary investigations found that fraudulent documents had been used to apply for the mortgage loans. Officers from Bedok Police Division identified the four men and arrested them in a two-day operation on April 14 and 15, seizing a forged identity document and mobile phones.

Roles in the Singapore mortgage fraud

According to police, the 39-year-old allegedly impersonated the owner and used forged identity documents to sign loan papers and obtain property-related documents from law firms.

The 27-year-old allegedly lured the owner away from his home twice under false pretences, while the 29-year-old allegedly let valuers into the property to carry out valuations in the owner’s absence. The 36-year-old allegedly arranged for a forged NRIC to be made for the scheme.

Mortgage Fraud: Four men Charged

The 27-year-old faces two counts of abetment of cheating, and the 29-year-old one count, under Section 420 read with Section 116 of the Penal Code, Mothership reported. Police said the offence carries up to 10 years’ jail, and offenders may also be fined or caned.

The 36-year-old faces one count of abetting the unlawful issue of an identity card under the National Registration Act. The 39-year-old faces two counts of abetment of cheating, one count of possessing a forged identity card and three counts of using a forged electronic record as genuine.

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