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Chitchat Local Bank Defrauded of $189k By Fake Bank Loan Applications! Guess Nationality?

JohnTan

Alfrescian (InfP)
Generous Asset
cheating.png


SINGAPORE: Eleven men and five women have been arrested for their suspected involvement in the fake applications of bank loans that led to a bank being defrauded of more than S$189,000.

In a press release on Monday (Feb 27), police said it had received a report from a bank about loan applications from several individuals who had provided false information relating to their annual income in early February.

Upon disbursement of the loans, the borrowers defaulted on their loan repayment and could not be contacted.

Investigations showed that the suspects had used forged employment letters to support their application for the loans, police said, adding that the amount defrauded amounted to more than S$189,000.

Police subsequently launched a three-day operation from Feb 22 to 24, when they conducted simultaneous raids across the island, including locations such as Changi, Simei, Tampines, Sims Avenue, Buangkok Green, Ang Mo Kio, Toa Payoh, Yung Kuang, Telok Ayer, Chin Swee Road, Bukit Merah and Tuas. The 16 suspects, aged between 24 and 56, were arrested during the operation.

Investigations are ongoing. If convicted, the suspects could be jailed for up to 10 years and fined.

http://www.channelnewsasia.com/news...ting-bank-of-more-than-s-189-000/3552492.html
 

scroobal

Alfrescian
Loyal
Years ago, a whole group of teachers were arrested for making false claims for renovation loans where the contractor falsified invoices etc. The amounts were small and people were surprised that MOE teachers risked their rice bowls for such small amounts.

16 people cheat only 189k. Wtf each one share how much only?
 

Narong Wongwan

Alfrescian (Inf)
Asset
Years ago, a whole group of teachers were arrested for making false claims for renovation loans where the contractor falsified invoices etc. The amounts were small and people were surprised that MOE teachers risked their rice bowls for such small amounts.

Renovation loan scams used to be rampant until the clampdown.
Some went as far as doing actual renovations but inflating the invoices.

Modus operandi is not same in both models as the 189k fake loans scams involved patsies who never intended to repay the loans at all.
For the Teachers Reno loans the intention was to secure loans at preferential rates that the Teachers had every intention to repay.
 

frenchbriefs

Alfrescian (Inf)
Asset
The Bank is so desperate businesses that they disbursed the loan easily..They got do their due diligence?

like someone said,its small money....17 people only cheat 189k.......the bank already expect a certain portion of their loans to go bad,thats why they charged these unsecured loan interest juay juay......initial interest 8.88 p.a......if late payment,penalties and fines of up to 23 percent p.a......189k is chump change,they probably earn that much interest in one hour from all the hundreds of millions of their loans.....
 

Hans168

Alfrescian
Loyal
NO big deal........ Advance Gravis Computers cheated many banks local and foreign and suppliers in excess of $10,00,00.00 re paid only $50 monthly to creditors and finally got a long waited discharge............ he is now at home counting the money he stashed away - money which funny enuf wasn;t not detected by OA
 

chootchiew

Alfrescian (Inf)
Asset
Hi sir, just wondering when such thing happen will the bank fire those approving the loans as it means they are careless workers given too much authority which is not acceptable.
 

CoffeeAhSoh

Alfrescian
Loyal
Hi sir, just wondering when such thing happen will the bank fire those approving the loans as it means they are careless workers given too much authority which is not acceptable.



Its no longer a person or persons approving the loans thing for a long time already. Its a standard set of criteria things.
Eg. Input the applicant name and id and some sets of reports from external agencies to clear and the loan is approved or declined.
A very mechanical thing.
 

congo9

Alfrescian
Loyal
Guess the race and nationality?

What kind of bank heist is this ? SO many people conning only 189K from a bank ? Ever heard of retard. They might as well stay home and look for a job. Within a years with all of them combined, they will get much more.

What kind of stupid robber or conman does this ?
 

congo9

Alfrescian
Loyal
Its no longer a person or persons approving the loans thing for a long time already. Its a standard set of criteria things.
Eg. Input the applicant name and id and some sets of reports from external agencies to clear and the loan is approved or declined.
A very mechanical thing.

If that's the case, these bankers will be replaced by AI real soon. AI is being created to do repetitive task. No value add.
 
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