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Sometime in September 2004, CAD received information of a syndicate suspected to be involved in submitting fraudulent vehicle hire-purchase (HP) loan applications to a local bank. After three months of intensive enquiries and probes, CAD conducted an island-wide operation to nab the syndicate early this morning. During the day-long operation, a total of 8 suspects were arrested at various locations, including Ang Siang Road, Woodlands, Kaki Bukit and Turf City. The suspects arrested include 7 Chinese men and 1 Chinese woman, all aged between 44 to 57 years old. Preliminary investigations revealed that the syndicate is believed to have cheated the bank of about $1.1 million by submitting fraudulent hire purchase loan applications. To perpetuate the scam, the syndicate recruited a network of operatives to apply for vehicle HP loans from the bank. The syndicate had allegedly abetted the operatives by providing false information or misleading supporting documents in support of the hire purchase loan applications. Believing that the information in the loan applications to be true, the bank approved the applications and disbursed the loans to the syndicate. Out of the eight suspects arrested, three will be charged in Court tomorrow for cheating related offences. Anyone found guilty of cheating faces a jail term of up to seven years and a fine.
CAD's investigations are still ongoing and further arrests are expected. Police take a very stern view of such cases and will not hesitate to prosecute anyone if there is evidence of fraud.
Public Affairs Department
Singapore Police Force
22 December 2004 |
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| Last updated on 17 May 2007 |
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