SINGAPORE - The police have busted a credit card fraud syndicate and arrested five men for their suspected involvement in more than 50 cheating cases.
The men, aged between 31 and 41, were arrested by officers from the Central Police Division between March 22 and March 27, the police said in a statement on Saturday (March 31).
The suspects are believed to have made multiple transactions with the credit cards, which they obtained with fraudulent applications.
The cases they are implicated in date from October last year and involve more than $200,000.
Several banks including UOB and Citibank had made police reports from March 22 to March 29, saying that a number of credit card applications were found to be supplemented with supporting documents that seemed forged.
These documents included salary slips and Notices of Assessment from the Inland Revenue Authority of Singapore.
If found guilty of cheating, the suspects can be jailed for up to 10 years and fined.
Investigations are ongoing.