Representational Image arrest
Reuters

Three people, who were arrested for their suspected involvement in a multimillion-dollar fraud against Inland Revenue Authority of Singapore (IRAS) will face more charges in court on Thursday.

As per the Singapore police, Lim Chit Foo, Wang Jiao and Li Dan, aged between 35 and 36, are suspected to have made false claims to the IRAS under the Productivity and Innovation Credit (PIC) scheme, which allows businesses to get tax deductions and allowances on particular expenses.

It should be noted that these three alleged accused Lim, Wang and Li had earlier been charged with various offences for abetting to cheat IRAS of S$2.5 million by submitting PIC claims containing false qualifying expenditures.

On Wednesday, January 23, 35-year-old Lim was sentenced to 40 months of imprisonment, as he faced four counts of perverting the course of justice by instigating witnesses to give false information to the police.

Now, as per the news release the trio will face 796 more charges, including abetment to cheat, perverting the course of justice, and acquiring benefits of criminal conduct, which together resulted in a total loss of almost S$11.8 million.

Police said, "These charges allege that the three schemed to defraud IRAS between April 2015 and September 2016, which resulted in the submission of 400 false PIC claims by 230 business entities."