123 people under probe for loan-sharking activities after islandwide raids

SINGAPORE - A total of 123 people are being investigated by the police for unlicensed moneylending activities.

This follows a police operation from July 17 to 23 involving simultaneous islandwide raids by the Criminal Investigation Department and the seven police land divisions, the police said on July 29.

Those rounded up are aged between 15 and 74.

Among them, seven are said to have harassed debtors and 56 are allegedly runners who carried out automated teller machine (ATM) transfers.

The remaining 60 allegedly opened bank accounts and gave their ATM cards, passcodes and internet banking tokens to loan sharks for their illegal activities.

Police investigations are ongoing.

Under the Moneylenders Act, a person is presumed to have helped in an unlicensed moneylending business if his bank account, ATM card or internet banking token is used by loan sharks for illegal loans.

Loan sharks and their runners can be jailed for up to four years, fined between $30,000 and $300,000 and receive up to six strokes of the cane for the first offence.

Those who commit, or try to commit, acts of harassments for loan sharks can be jailed for up to five years, fined between $5,000 and $50,000, and caned between three and six times for the first offence.

The police said they will continue to go hard on those involved in the unlicensed moneylending business, regardless of their roles.

The public can call the police on 999 or the X-Ah Long hotline on 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.