No end to fraud cases

There are scammers who approach unsuspecting victims, urge them to hoist shell companies and make phantom Central Provident Fund contributions.
There are scammers who approach unsuspecting victims, urge them to hoist shell companies and make phantom Central Provident Fund contributions.PHOTO: LIANHE ZAOBAO

I read with consternation the latest case of a person abusing the Productivity and Innovation Credit (PIC) scheme (Man jailed for fraudulent claims under PIC scheme, March 6), and I daresay that for every one scammer apprehended, many more still lurk under the dark clouds of deception and skulduggery.

While I applaud the Inland Revenue Authority of Singapore for taking stern and prohibitive action, there are unfortunately others out there, whom I have heard about, who seem to be getting away with such knavery in clear sight of the authorities.

They approach unsuspecting victims, urge them to hoist shell companies and make phantom Central Provident Fund contributions.

That, perhaps, is the stock-in-trade of these scammers, and these practices are likely to continue because there are either too many such instances to guard against or the system is not watertight enough to reduce, if not totally remove, such dishonest acts.

Jaya Prakash

A version of this article appeared in the print edition of The Straits Times on March 11, 2019, with the headline 'No end to fraud cases'. Print Edition | Subscribe