SINGAPORE: Four men aged between 27 and 39 will be charged in court on Tuesday (Nov 10) over their alleged involvement in a scheme aimed at fraudulently obtaining more than S$6 million (US$4.68 million) in mortgage loans.
The men allegedly worked with another man to fraudulently obtain mortgage loans from two credit companies, using a residential property as collateral without its owner’s knowledge, police said on Monday.
The case came to light on Apr 3, when the property owner discovered that a caveat had been lodged against his property in connection with a loan application he had not authorised.
Preliminary investigations found that fraudulent documents had been used to apply for mortgage loans, with the victim’s property used as collateral.
Further investigations revealed that a 39-year-old man had allegedly impersonated the property owner and used forged identity documents to facilitate the loan applications.
A 27-year-old man allegedly lured the property owner away from his home on two occasions under false pretences.
During the owner’s absence, a 29-year-old man allegedly facilitated access to the property for valuers to carry out valuations without the owner’s knowledge.
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