I lost over $4k to loan scam

Ashley Yeo | 10 May 2021

Loan Scam

I needed a loan and submitted my name & contact to a few companies found on google. Josh from s g credit called & asked for my ic pic & finance personal info

After approving my loan, we discussed & signed the contract for 10k loan. He demanded upfront 500 processing fee & 400 interest payment before the 10k is released. I paid

He then sent me a screenshot of a 20k uob bank transfer made to me. He says the amount will be reflected in my account shortly, and i have to transfer him back the extra 10k he sent by mistake. He apologised and offered a good deal for the extra 10k. I signed another contract for the 20k new deal and paid another 400 interest

But the 20k hasn’t appeared in my bank. He checked and said it is stuck with MAS. He then sent me an email from mas requiring me to pay 3k refundable validation fee to receive 20k + 3k. So i paid

after that, he sent me another email from UOB requiring me to pay 5k immediate transfer fee to receive 23k + 5k. I sensed something wrong, so i forwarded the email to both mas & uob to enquire a proof of authenticity. Both said that there’s no such thing.

How did the scammer make the email addresses, letterhead etc. Look absolutely legit? I headed to lodge a police report immediately. I lost $4300 in total.

Editor's Note: Please note that unlicensed moneylenders can impersonate as licensed moneylenders by creating fake websites using their details. Licensed moneylenders are not allowed to put up advertisements online (including social media), SMS or messaging apps. Please contact licensed moneylenders via the contact details and visiting only the websites found in this list: https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20List%20as%20at%2001March2021.pdf

Licensed moneylenders are not allowed to approve loans remotely.