Man arrested for suspected cheating offences involving over S$2 million

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).
Multiple police reports were lodged between November 2023 and August 2024 by local banks over discrepancies found in documents submitted for the application of bank loans.
The loans were disbursed before the discrepancies were uncovered and the repayments were mostly delayed or only partially made, causing “huge financial losses” to the financial institutions.
The total loans disbursed amounted to more than S$2 million, the police said.
Multiple reports were also lodged by victims amid investigations. They had discovered that loans had been obtained in their names from local banks without their knowledge or consent.
Preliminary investigations revealed that the suspect is believed to have gained access to their Singpass accounts through various deceptive tactics, such as posing as a bank representative promoting credit cards or a car dealer securing loans on their behalf.
He allegedly convinced the victims to unknowingly apply for loans using their Singpass accounts by scanning the QR codes or clicking on phishing links.
Upon approval of the loans, the funds were then paid directly to his personal bank accounts.
The man was arrested on Aug 15 through follow-up investigations by the police.
A handphone, two laptops and 17 SIM cards belonging to the suspect were seized as case exhibits. 
He will be charged in court on Aug 17 with cheating. If found guilty, the man can be jailed for up to 10 years and be fined. 

The police said they take a serious stance against anyone who may be involved in scams and frauds, and that perpetrators will be dealt with in accordance with the law.