4 men to be charged over alleged S$6M mortgage scam involving forged NRIC and property used as collateral without SG owner’s knowledge
Alleged S$6 million mortgage fraud involving forged NRIC
SINGAPORE: A residential property in Singapore was allegedly used to secure more than S$6 million in mortgage loans without its owner's knowledge, leading to four men being charged.
The suspects, aged between 27 and 39, appeared in court on Nov 10. Police said they allegedly worked with another man to carry out the scheme using forged identity documents.
The case came to light on Apr 3, when the property owner discovered a caveat lodged against his home. It was linked to a mortgage application he had never authorised.
Forged NRIC and secret property valuations exposed
Investigations by Bedok Police Division identified four men, who were arrested during operations on April 14 and 15. Officers seized a forged identity document and several mobile phones.
Police said the 39-year-old suspect allegedly impersonated the owner and used forged documents to support loan applications and obtain property-related documents from law firms.
The 27-year-old allegedly arranged to lure the owner away from home twice under false pretences. During those absences, the 29-year-old allegedly allowed valuers into the property to conduct assessments without the owner's knowledge.
Meanwhile, the 36-year-old allegedly arranged for a forged NRIC to be produced.
Police said the group intended to obtain loans exceeding S$6 million from two credit companies. Efforts to trace the fifth man are still ongoing.
Charges carry up to 10 years in jail
The four suspects face different charges based on their alleged roles.
The 27-year-old faces two counts of abetment of cheating, while the 29-year-old faces one count. Each offence carries up to 10 years' imprisonment, with possible fines or caning, or both.
The 36-year-old faces one count of abetting the unlawful issue of an identity card. The offence carries a fine of up to S$10,000, up to 10 years' imprisonment, or both.
The 39-year-old faces six charges: two counts of abetment of cheating, one count of possessing a forged identity card, and three counts involving the use of forged electronic records.
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The cheating and forged-record offences carry up to 10 years' imprisonment each. Possessing a forged identity card carries a fine of up to S$10,000, up to 10 years' imprisonment, or both.
Property owners should watch for unauthorised caveats
The case demonstrates how identity theft can reach beyond personal documents and affect something as valuable as a home.
A caveat lodged against a property can alert an owner to an interest or claim involving it. In this case, the discovery prompted the police report.
Property owners should take unexplained caveats and unfamiliar loan applications seriously and report suspicious activity promptly. A home should never be used as collateral for a loan without its owner's consent.