Sixteen people have been arrested for suspected involvement in bank loan scam. They took out loans from bank and were uncontactable when chased for repayment.
Out of these sixteen, eleven men and five women were detained after a three-day operation, following police raids at several places in Singapore including Changi, Simei, Sims Avenue, Buangkok Green, Ang Mo Kio, Toa Payoh, Telok Ayer and Tuas.
“Preliminary investigation revealed that the suspects had used forged employment letters to support their application for personal loans," said the police in a statement.
"The amount defrauded amounted to more than $189,000."
The arrested people are in the age group of 24 to 56 years. Investigations are being done jointly by police and Central Division and Commercial Affairs Department.
If charged and convicted of cheating, they can be jailed up to 10 years and fined.
