SINGAPORE: A 36-year-old man has been arrested for his suspected involvement in a series of cheating cases involving over S$ 2 million ( US$ 1.5 million ), the police said on Saturday ( Aug 17 ).
Local businesses filed numerous police reports between November 2023 and August 2024 over errors found in bank loan applications.
The financial institutions suffered “huge economic loss” as a result of the loans being disbursed before the disparities were discovered, and the payments were largely delayed or just partially made.
The full money disbursed amounted to more than S$ 2 million, the authorities said.
Many studies were likewise lodged by survivors amid studies. They had discovered , that funding had been obtained in their titles from local businesses without their knowledge or consent.
Initial studies revealed that the suspect is alleged to have used a variety of deceptive methods to get their Singpass accounts, including pretending to be a bank agent and obtaining loans from a car dealer.
He reportedly persuaded the sufferers to accidentally apply for loans through their Singpass balances by examining the QR codes or tapping on phishing links.
The loan approval process was followed by his personal bank accounts receiving the resources.
The man was arrested on Aug 15 through , follow-up studies by the authorities.
A handphone, two tablets and 17 Mobile accounts belonging to the suspect were seized as scenario displays.  ,
He will get charged in court on Aug 17 with lying. If found guilty, the person can be jailed for up to 10 times and be fined.  ,
The officers stated that they are serious about prosecuting anyone who might be a part of a scam or fraud, and that those who commit it will be dealt with in accordance with the law.