Mr Elgar Kwek discovered on April 2 that an imposter used a forged NRIC to attempt a $2.9 million loan secured by his Katong landed property, after a caveat was lodged against it [1, 2, 3, 4]. The imposter also filed a caveat on the property and tried to obtain a replacement deed from the Singapore Land Authority (SLA) through a law firm [1, 2, 3, 4].
The fraudulent loan relied on a forged notice of assessment, which falsely claimed Mr Kwek earned $170,000 in 2025 from two companies registered in his name in 2023 and 2025, a link he denies [1, 2, 3, 4]. "They were just one small step away from getting the $2.9 million loan and I’m very sure they would have run away with that money," Mr Kwek said [1].
Another victim, known only as Alice, had her identity stolen using the same method. An imposter attempted a loan exceeding $2 million from a foreign bank using her Swanage Road landed property as collateral [1, 2, 3, 4]. The scammers used the same Swanage Road address on forged NRICs for both victims [1, 2, 3, 4].
The police, SLA, and the Accounting and Corporate Regulatory Authority (Acra) are investigating the cases, which have raised concerns over gaps in identity verification and due diligence procedures [1, 2, 3, 4]. The victims’ properties were targeted in an apparent attempt to exploit forged documents to secure large loans from financial institutions.
Authorities have yet to disclose further arrests or progress, and the investigations are ongoing. Meanwhile, the victims are cooperating with officials to trace the perpetrators and prevent similar fraud attempts.
