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A 25-year-old man was arrested last Thursday (Sept 22) for his alleged involvement in fraudulent online applications to obtain credit for Buy-Now-Pay-Later (BNPL) services in Singapore.
The police said they were alerted on Sept 14 by a local company providing BNPL services that they were unable to recover payments from several suspicious BNPL accounts.
"These accounts were allegedly set up using fictitious and stolen identities to obtain credit lines," police added.
"The credit lines were then used to make online purchases using BNPL services, with losses amounting to more than $3,200."
Through follow-up investigations, officers from Ang Mo Kio Police Division established the man's identity and arrested him.
An assortment of bicycle parts, one mobile phone and three bank cards were seized as case exhibits.
Photo: Singapore Police Force
Investigations are ongoing.
The offence of cheating carries a jail term of up to ten years and a fine.
The police said they take a serious view against anyone who may be involved in fraudulent activities to abuse payment systems, and perpetrators will be dealt with in accordance with the law.