3 men accused of making fake loan and credit applications for more than $16m

SINGAPORE – Three men were charged in court on Tuesday over allegedly making fraudulent applications for loans and credit facilities for more than $16 million, said the police.

Between March and August 2018, Choy Weng Keen Adrian, Foong Chong Hung and Woo Wai Hoong Samuel, aged between 44 and 48, had allegedly conspired to cheat six financial institutions into opening credit facilities or providing loan disbursements for eight people.

The police said the trio did so by submitting income tax notices of assessment that contained inflated annual incomes for the eight people. Those convicted of cheating face a jail term of up to 10 years and a fine.

Furthermore, the trio allegedly conspired to submit 27 false statutory declarations made by 14 people to the Inland Revenue Authority of Singapore, including those for the eight people.

For making false statutory declarations, one may be jailed for up to three years and face a fine.

For giving false information to a public servant with intent to use his lawful power to the injury of another person, an offender faces up to a year in jail, and a fine of up to $5,000, or both.