Four arrested for loan scam

Three men and one woman have been arrested for suspected involvement in loan scam activities.

The four suspects, aged between 17 and 41, were arrested two days ago in Toa Payoh and Clementi.

They are being investigated for allowing their bank accounts to be used to facilitate the scam.

Over the past few months, there have been several reports of people falling prey to loan scams.

Typically, victims who hoped to borrow money were deceived into making deposits into a particular bank account before the full amount could be given to them.

After they paid the deposit, the money would be withdrawn or transferred out of the bank account, leaving the victims waiting in vain.

The police advise the public to be wary of such scams, and to ignore notifications of loan offers via SMS.

The offence of dishonestly receiving stolen property carries a jail term of up to 5 years, a fine, or both.

It is also an offence to allow the use of a bank account for the purpose of facilitating a crime.

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