On 26 April 2022, 26-year-old, Lau Wei Chong Nicholas (“Nicholas”), a former contract bank loan officer with Overseas-Chinese Banking Corporation (“OCBC”) was convicted and sentenced globally to eight months’ imprisonment for three counts of using as genuine forged income documents, which he had certified and submitted along with the customers’ applications for credit cards and loans. A further count of the same offence was taken into consideration for the purpose of sentencing.
In April 2020, the Police received information that forged payslips and Central Provident Fund (“CPF”) employment contribution statements were submitted to OCBC as proof of income to support four separate applications for credit cards and loans. Investigations showed the applicants had initially responded to loan advertisements that they came across on online platforms, which offered assistance in obtaining a loan or credit card from a bank within a short time and for a service fee. They were subsequently contacted by unidentified third parties who directed them to apply for the credit cards or loans at certain OCBC branches in person. The applicants went to OCBC branches on four separate occasions without bringing along any proof of income documents, and they were attended to by Nicholas.
Applicants would normally submit originals of their payslips and/or retrieve their latest CPF employment contribution statement in the presence of the loan officer. However, Nicholas did not ask the four applicants to show him the income documents in the abovementioned manner. Instead, he received their documents via email or WhatsApp and he later certified them to be genuine even though he had reason to believe they were not. Two such applications were approved and OCBC incurred losses totalling $36,446.19.
Any individual found guilty of using as genuine a forged document under section 471 of the Penal Code will be liable to a fine, or a jail term not exceeding four years, or both.
Financial institutions in Singapore require credit card and loan applicants to submit proof of income. Members of the public are advised not to respond to third-party advertisements that offer to secure credit facilities from financial institutions, without requiring any proof of income. The Police take a serious view against any person who may be involved in using or assisting to use forged documents to apply for credit cards and bank loans. Perpetrators will be dealt with in accordance with the law.
SINGAPORE POLICE FORCE
26 April 2022 @ 5:40 PM