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A 39-year-old man was arrested at a hotel in the vicinity of Balestier on Monday (Feb 4) for his involvement in a cheating case.
The victim had made a police report on Feb 3, at around 6.10pm, about how $260,000 was stolen from a residential unit along Yio Chu Kang Road.
Through investigation, officers from Ang Mo Kio Police Division established the suspect's identity and arrested him within 15 hours of the report being lodged.
Cash amounting to S$227,550 was seized, said the police in a news release.
According to preliminary investigations, the suspect is believed to have arranged a meet-up with the victim on the pretext of exchanging Renminbi to Singapore dollars.
The man was charged on court on Wednesday (Feb 6) with cheating and dishonestly inducing a delivery of property.
If convicted, he may be punished with a jail term of up to 10 years and a fine.