MAN ARRESTED FOR FRAUDULENT ONLINE APPLICATIONS TO OBTAIN CREDIT FOR BUY-NOW-PAY-LATER SERVICES
The Police have arrested a 25-year-old man for his alleged involvement in fraudulent online applications to obtain credit for Buy-Now-Pay-Later (BNPL) services in Singapore.
On 14 September 2022, the Police were alerted by a local company providing BNPL services that they were unable to recover payments from several suspicious BNPL accounts. These accounts were allegedly set up using fictitious and stolen identities to obtain credit lines. The credit lines were then used to make online purchases using BNPL services, with losses amounting to more than $3,200.
Through follow-up investigations, officers from Ang Mo Kio Police Division established the identity of the man and arrested him on 22 September 2022. An assortment of bicycle parts, one mobile phone and three bank cards were seized as case exhibits.
Investigations are ongoing. The offence of cheating under Section 420 of the Penal Code 1871 carries an imprisonment term of up to ten years and a fine.
The Police take a serious view against any person who may be involved in fraudulent activities to abuse payment systems, and perpetrators will be dealt with in accordance with the law.
