SINGAPORE - Eight men are under police investigations for allegedly carrying out remittance businesses without valid licences in Little India.

In a joint operation conducted by the police and the Commercial Affairs Department on Sunday (Sept 22), about $47,000 in cash, mobile phones and remittance transaction records were seized, the police said on Tuesday.

The eight men, aged between 29 and 57, are currently assisting the police with investigations.

In its statement, the police said unlicensed remittance businesses could be used as channels for money laundering or used to finance terrorists. It reminded those who wish to remit money to another country to do so through a licensed bank or remittance agent.

Any person convicted for operating a remittance business without a licence can be fined up to $100,000, jailed for up to two years, or both.

If he continues to operate the remittance business after conviction, he can be fined up to $10,000 for every day his business continues to operate.

Correction note: An earlier version of the story said that the eight men were arrested. We are sorry for the error.