16 arrested for credit card fraud

SINGAPORE - Police have arrested 11 men and 5 women aged between 23 and 46 for using forged documents to apply for credit facilities from a local bank.

Between March and April 2012, the police received several reports from a local bank, which said that a number of applicants had used fictitious credentials such as forged CPF statements to apply for credit facilities.

Officers from Ang Mo Kio Police Division proceeded to carry out a series of operations between April 16 2012 to May 2 2012, making 16 arrests at multiple locations island-wide.

Investigations revealed that these suspects would withdraw the full amount from the bank's credit facilities upon approval of their application. A portion of the money would then be given to unknown associates who had assisted them in forging the required documents.

Investigations against the suspects are still ongoing.

First-time offenders convicted of Forgery for the Purpose of Cheating can be punished with imprisonment of up to 10 years, and shall also be liable to fine.

The police advises banks to practise vigilance by verifying the credentials with relevant authorities before any approval of credit facilities.

rchia@sph.com.sg