Following extensive intelligence probes and investigations, officers from the Criminal Investigation Department and the Police Intelligence Department raided various locations islandwide, including Punggol, Novena, Hougang, Jurong East and Woodlands.

Cash amounting to about $210,000, mobile phones, laptops, thumb drives, a computer, a fax machine, an assortment of ATM cards and some documents were seized in the raid.

The syndicate is believed to have more than 400 debtors under its fold. Four of the men arrested will be charged in Court 26 at 9.00 am on Friday.

Superintendent Goh Lam Kiong, assistant director the Specialised Crime Division, Criminal Investigation Department, praised the officers for their hard work and assured the public on police efforts to crackdown on unlicensed moneylenders.

'Police will not tolerate the proliferation of such activities, and will spare no effort in taking these offenders to task,' he said.

First-time offenders found guilty of operating a business as an unlicensed moneylender may be fined up to $200,000 or jailed up to two years or both. Repeat offenders face a fine of up to $200,000, and may be jailed for up to five years if convicted.