Four Men Face Charges Over Alleged S$6m Singapore Mortgage Scam

Four men were scheduled to be charged in a Singapore court on Tuesday (Nov 10) over an alleged Singapore mortgage fraud in which a residential property was used as collateral for more than S$6 million in loans without its owner knowing, police said.

The men, aged between 27 and 39, were arrested during a two-day operation on April 14 and 15, police said in a news release on Monday (Nov 9), according to an AsiaOne report carried by Malay Mail.

How the Alleged Scheme Worked

Police said the men allegedly conspired to fraudulently obtain mortgage loans from two credit companies “without the rightful owner’s knowledge”.

The case came to light on April 3, when the owner found that a caveat had been lodged against his property for a loan application he had not authorised.

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

The 36-year-old allegedly helped to forge an NRIC that was then used in the scheme. The 29-year-old allegedly gave valuers access to the property so they could carry out valuations, while the 27-year-old allegedly lured the owner away from his home twice under false pretences.

Singapore Mortgage Scam Charges

The 27-year-old and 29-year-old will each be charged with abetment of cheating, which carries a jail term of up to 10 years, and offenders may also be liable to a fine or caning, or both, according to the report.

The 36-year-old will face a charge of abetting the unlawful issue of an identity card, an offence that carries up to 10 years’ jail, a fine of up to S$10,000, or both.

The 39-year-old faces the most charges: 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.

According to the report, those convicted of cheating, or of using a forged document as genuine for the purpose of cheating, can be jailed for up to 10 years for each charge.

Fifth Man Still Being Traced

Police said the four had allegedly worked with a fifth man, and efforts to trace him are ongoing.

The report did not say whether any of the loans had been paid out.

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