SINGAPORE: A institution issued mortgage loans worth S$ 5.16 million for the price of two attributes after five men were imprisoned for their participation in mortgage mortgage fraud.
When the candidate buyers linked to the scam made the loan payments default, the scam was discovered.
The five guys- Sufandi Ahmad, Bijabahadur Rai Shree Kantrai, Kok Chiew Leong Nicholas, Juma’at Johari and Mohamed Haron Hassan- were sentenced to jail term ranging from 10 days to seven-and-a-half times.
In a media release on Tuesday ( Aug 20 ), the police said , Bijabahadur devised the scheme between 2014 and 2015, involving two properties.
They may work with the vendors and their brokers to negotiate a sale price that was less than what was stated on the conveyancing documents, including the cost.
The sellers may therefore offer cashback to the violators, with the difference being equal to the difference between the agreed and real stated price.  ,
One of the home retailers ‘ house agents was Juma’at and Haron, and Kok and the owner of the other home had a similar structure.
The offenders next divided the proceeds from the attributes among themselves.
Made INCOME Papers
As part of the crime, Sufandi recruited individuals to be the alleged buyers of these properties.
According to the authorities, fraudulent earnings documents containing the labels of these customers were submitted to the bank to support the mortgage loan programs.  ,
The bank next disbursed money amounting to S$ 5.16 million for , loan programs for the two parameters.
It incurred a decline of over S$ 1.79 million on the two properties, the authorities said.
When the candidate purchasers defaulted on the loans, the forgery was later found.
Bijabahadur, 53, received the longest prison name among the five. He was sentenced to seven-and-a-half times ‘ prison for two counts of lying and , five works of engaging in a plot to employ forged documents.  ,
Sufandi, 44, was convicted of seven related expenses and was sentenced to six-and-a-half years in prison.
Kok, 51, was sentenced to four-and-a-half times ‘ prison. He was convicted of three costs.
Juma’at and Haron were each found guilty of one count of conspiring to eavesdrop on someone by obtaining a document of move with a bogus statement. They were each sentenced to 10 days ‘ prisons.