World · East Asia & Pacific · 12 hrs ago
Four men to be charged over alleged Singapore mortgage fraud
Four men in Singapore are due to face charges over an alleged scheme to obtain more than S$6 million in mortgage loans.
Police say the men worked with another man to use a homeowner’s property as collateral without the owner’s knowledge.
The case came to light on April 3, when the owner found a caveat linked to a loan application he had not authorised.
Investigators say the alleged scheme involved forged documents, impersonation and arranging for the owner to be away while valuers visited the property.
The four men, aged 27 to 39, were arrested in a police operation on April 14 and 15.
Police are still trying to trace a fifth alleged accomplice.
The men are scheduled to be charged on November 10, and the alleged offences carry possible prison terms and, for some charges, fines or caning.
Four men aged 27 to 39 are due to be charged in Singapore on Nov 10 over an alleged scheme to obtain more than S$6 million in mortgage loans.
The loans were allegedly sought from two credit companies using a residential property as collateral without its owner’s knowledge.
Police said the case came to light on Apr 3, after the owner found a caveat linked to a loan application he had not authorised.
The four men were arrested during a two-day operation on Apr 14 and 15.
Police said efforts to trace a fifth alleged accomplice were ongoing.
- Who
- Four men aged 27 to 39, and a fifth alleged accomplice who has not been traced.
- What
- The four men are due to be charged over an alleged scheme to obtain more than S$6 million in mortgage loans using a property without its owner's knowledge.
- When
- They are due to be charged on Nov 10. The case came to light on Apr 3, and the men were arrested on Apr 14 and 15.
- Where
- Singapore.
- Why
- The alleged scheme aimed to fraudulently obtain mortgage loans from two credit companies.
This story does not have two clearly opposing sides.
The property owner discovered a caveat linked to a loan application he had not authorised.
Police arrested the four men during a two-day operation.
The four men are due to be charged in court.
- Alleged loan amount
- More than S$6 million
- Lenders
- Two credit companies
- Property
- A residential property used as collateral without its owner's knowledge
- Arrest operation
- Apr 14 and 15
- Charges date
- Nov 10