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Man Arrested For Cheating Involving $1.5 Million

The Police have arrested a 69-year-old man for his suspected involvement in a case of cheating.

On 26 July 2021, the Police received a report from a victim who wanted to obtain a loan amounting to $15 million. The victim was asked to make payment of $1.5 million to a loan broker to secure the loan, and in return, would receive the loan in tranches.

Preliminary investigations revealed that out of the $1.5 million paid by the company, $1.25 million was allegedly retained by the man and the remainder was paid to the loan broker. Thereafter, the man remained uncontactable and purportedly failed to deliver on the loan.

Officers from Central Police Division conducted an operation and arrested the man on 5 January 2022. Electronic devices were seized as case exhibits. Preliminary investigations revealed that the man is believed to be involved in other similar cases.

The man will be charged in court on 7 January 2022 with cheating, punishable under Section 420 of the Penal Code. The offence carries an imprisonment term of up to 10 years and a fine.

For more information on scams, members of the public may visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.

 


PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
06 January 2022 @ 11:30 PM
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