Police arrest 11 men and 5 women suspected in fake bank loans applications

Sixteen people; eleven men and five women, were arrested last week for their suspected involvement in fake bank loans applications, defrauding a bank of more than S$189,000. .
Police said on 27 Feb that it had received a report in early February from a bank concerning several individuals loan applications which had given false information on their annual income.
After the loans were disbursed the borrowers defaulted on their loan payment and could not be contacted.
“Preliminary investigation revealed that the suspects had used forged employment letters to support their application for personal loans,” the police said, adding that the defrauded amount totaled to more than S$189,000.
Police had launched a three-day operation from 22 to 24 Feb, where they held simultaneous raids across the island, including in Changi, Simei, Tampines, Sims Avenue, Buangkok Green, Ang Mo Kio, Toa Payoh, Yung Kuang, Telok Ayer, Chin Swee Road, Bukit Merah and Tuas.
16 suspects aged between 24 and 56, were arrested during the operation, police said, investigations are ongoing.
If found guilty of cheating they may be punished with up to 10 years’ jail and be liable to a fine.