Image credits - CNA
Goh Woon Tik, 36, has been charged with defrauding local banks of over $2 million through a sophisticated scheme involving stolen Singpass accounts. Goh allegedly deceived multiple victims into providing their Singpass details, which he then used to apply for loans under their names.
According to the police, Goh’s fraudulent activities began in November 2023 and continued until August 2024. He targeted individuals by posing as bank representatives offering credit cards or as car dealers arranging loans on their behalf. Through these deceptions, Goh convinced victims to enter their Singpass credentials on phishing sites or scan malicious QR codes.
Once Goh obtained access to the victims’ Singpass accounts, he used them to apply for personal loans with several banks. The banks, unaware of the fraud, disbursed the loan amounts directly into Goh’s bank accounts. The discrepancies in the loan documents were not immediately noticed, allowing Goh to access and use the funds before the banks could identify the fraudulent activity.
The repercussions for the banks were significant, as they experienced delayed or incomplete repayments on the loans issued under false pretenses. This led to considerable financial losses.
Police from the Central and Woodlands divisions launched an investigation after receiving reports from both banks and individuals. The authorities arrested Goh on August 15, following an extensive probe. During his arrest, police seized Goh’s mobile phone, two laptops, and 17 SIM cards, which are believed to have been used in connection with the fraudulent activities.
The specific charge against Goh relates to an incident on November 20, 2023, when he allegedly deceived Trust Bank into approving a loan of $32,900, which was then disbursed to an account that Goh managed to access. The charge sheet does not clarify the exact route through which the funds ended up in Goh’s possession.
In response to this case, police emphasized their zero-tolerance stance towards scams and fraud, stressing that individuals involved in such criminal activities will face stringent legal consequences. Goh is currently in remand and is scheduled to appear in court again on August 23. If convicted, he faces a potential maximum sentence of 10 years in prison and substantial financial penalties.