The Police have arrested a 47-year-old man for his suspected involvement in several cheating cases involving a total amount of $128,500.
On 20 June 2016, the Police received several reports regarding victims being cheated into giving loans to a man, with the promise of 10% returns on top of the principal sums. The victims were told that the money loaned would be used to purchase items that would be sold at a profit. However, the victims neither received the returns promised nor their principal sums back.
Officers from Central Division conducted extensive investigations to establish the identity of the suspect and arrested him along Bras Basah Road on 24 June 2016. Preliminary investigations revealed that the suspect is believed to be involved in more than five similar cases.
Investigations against the suspect are ongoing. Anyone found guilty of Cheating under Section 420 of the Penal Code, Chapter 224, may be punished with imprisonment for a term which may extend to 10 years, and shall also be liable to fine.
Members of public are advised to adopt the following measures:
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Be cautious and do not be easily lured by promises of receiving attractive returns for investments or loans.
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Always check that the person or company you are dealing with is authentic and physically located where they claim to be.
SINGAPORE POLICE FORCE
25 June 2016 @ 9:30 PM