124 people investigated for suspected illegal moneylending following 5-day police operation
Sign up now: Get ST's newsletters delivered to your inbox
Forty of the suspects are believed to be runners who allegedly carried out ATM transfers for the illegal moneylending businesses.
ST PHOTO ILLUSTRATION: SHINTARO TAY
SINGAPORE – A total of 124 people, aged 14 to 72, are being investigated for their suspected involvement in illegal moneylending activities, the police said on Tuesday.
Officers from the Criminal Investigation Department and the seven police land divisions conducted simultaneous islandwide raids during an anti-unlicensed moneylending operation from Sept 18 to 22.
Preliminary investigations showed that 11 of the suspects had allegedly harassed debtors at their homes, while another 40 were believed to be runners who had allegedly carried out ATM transfers for the illegal moneylending businesses.
One suspect had allegedly provided false contact information, which led to an innocent victim being harassed at home.
The remaining 72 suspects had allegedly opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to unlicensed moneylenders to facilitate their unlicensed moneylending businesses.
The police said that a person is presumed to have assisted in an unlicensed moneylending business if the person’s bank account, ATM card or Internet banking token is used to facilitate moneylending by an unlicensed moneylender.
Those found guilty of carrying out or assisting an unlicensed moneylending business can be jailed up to four years, fined between $30,000 and $300,000, and receive up to six strokes of the cane on the first conviction.
A person found guilty of committing or attempting to commit an act of harassment on an unlicensed moneylender’s behalf can be jailed up to five years, fined $5,000 to $50,000 and receive three to six strokes of the cane.
Investigations against all the suspects are ongoing.
“Unlicensed moneylenders are increasingly using text messaging or online platforms to send unsolicited loan advertisements. Members of the public are reminded not to reply or respond to such advertisements and to report these messages as spam,” the police said, advising the public not to work with or assist unlicensed moneylenders.
If the public suspects that someone is involved in unlicensed moneylending, they can call the police on 999, or call the X-Ah Long hotline on 1800-924-5664.
