Four men charged over alleged mortgage loan fraud involving property owner’s home, Digi Mart USA News (Singapore): Four men aged between 27 and 39 will be charged in court on Tuesday, Nov 10, over their alleged involvement in a scheme to fraudulently obtain more than S$6 million (US$4.68 million) in mortgage loans.
The men allegedly worked with another man to obtain mortgage loans from two credit companies, using a residential property as collateral without its owner’s knowledge, police said on Monday. The case came to light on Apr 3, when the property owner discovered that a caveat had been lodged against his property in connection with a loan application he had not authorized.
Preliminary investigations found that fraudulent documents had been used to apply for mortgage loans, with the victim’s property used as collateral. Further investigations revealed that a 39-year-old man allegedly impersonated the property owner and used forged identity documents to facilitate the loan applications.
A 27-year-old man allegedly lured the property owner away from his home on two occasions under false pretences. During the owner’s absence, a 29-year-old man allegedly facilitated access to the property for valuers to carry out valuations without the owner’s knowledge.
A 36-year-old man allegedly helped arrange for a forged identity card to be produced for use in the scheme.
Officers from Bedok Police Division identified the four men and arrested them during a two-day operation on Apr 14 and 15. A forged identity document and mobile phones were seized as case exhibits.
Police said efforts to trace the remaining accomplice were ongoing.
The 27-year-old man will face two counts of abetment of cheating. The 29-year-old man will face one count of abetment of cheating.
The 36-year-old man will be charged with one count of abetting the unlawful issue of an identity card.
The 39-year-old man will face six charges: two counts of abetment of cheating, one count of possessing a forged identity card and three counts of using as genuine a forged electronic record. He allegedly used forged identity documents to sign loan documents and obtain property-related documents from law firms.
The offence of abetment of cheating carries a jail term of up to 10 years, with offenders also potentially liable to a fine, caning or both. Abetting the unlawful issue of an identity card and possessing a forged identity card each carry a maximum jail term of 10 years, a fine of up to S$10,000, or both.
Using as genuine a forged document for the purpose of cheating carries a jail term of up to 10 years.
