SINGAPORE - The police have arrested five men and four women, aged between 22 and 58, who are suspected of having taken part in loansharking activities.

On Tuesday (May 23) and Wednesday, officers from the Central Police Division carried out simultaneous raids in Hougang, Queenstown, Jurong West and Sengkang and arrested the nine suspects.

The suspects are believed to have opened bank accounts and given their ATM cards and Personal Identification Numbers (PINs) to loansharking syndicates in order to facilitate unlicensed moneylending.

Police investigations are ongoing.

Under the Moneylenders' Act 2010 (Revised Edition), when a person's bank account or ATM card is used to facilitate the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the business of unlicensed moneylending.

First-time offenders found guilty of assisting in the business of unlicensed moneylending could face a fine ranging from $30,000 to $300,000, up to four years' jail, and up to six strokes of the cane.