A nine-hour operation that started on Wednesday and ended early Thursday morning saw 11 men arrested for suspected involvement in an unlicensed moneylending syndicate, the police said in a statement.
Officers from the Criminal Investigation Department and the Police Intelligence Department conducted simultaneous raids at several locations across the island including Jurong, Jalan Bukit Merah and Jelapang Road, resulting in the arrests of the 11 men who are between 27 and 55 years old.
Items involved in the moneylending syndicate such as mobile phones, laptops, a plastic bottle containing black paint and cash amouting to about $8,920 were seized during the operation.
The syndicate operated both locally and overseas and is believed to be linked to more than 580 harassment cases in Singapore since 2009.
Under the Moneylenders Act, persons found guilty of operating or assisting in the operating of a loansharking business may be fined between $30,000 and $300,000 with mandatory imprisonment of up to four years. They may also be caned up to six times.
Said superintendent of police Aileen Yap, head of the Unlicensed Moneylending Strikeforce: "Singapore has zero tolerance for unlicensed moneylending activities resulting in harassment acts that threaten the safety and security of our community. Police will spare no effort to clamp down on unlicensed moneylending syndicates and to ensure that those involved in such illegal activities are made to bear the full brunt of the law."