SINGAPORE - Police are investigating 106 individuals aged between 13 and 74 for suspected illegal moneylending activities.
It follows a weeklong operation from Jan 9 to 13, where officers from the Criminal Investigation Department and the seven police land divisions conducted raids across the island on unlicensed moneylenders.
The police said preliminary investigations showed seven persons allegedly engaged in harassing debtors at their homes.
Thirty others, believed to be runners, allegedly assisted in unlicensed moneylending businesses by carrying out automated teller machine (ATM) transfers while one helped by subscribing to mobile phone lines that loan sharks can use in conducting illegal business.
The remaining 68 are believed to have opened bank accounts and provided their ATM cards, personal identification numbers and Internet banking tokens to unlicensed moneylenders to facilitate their operations.
Investigations against all suspects are ongoing.
Those found guilty of assisting in a business of unlicensed moneylending can be jailed for up to four years, fined between $30,000 and $300,000, and given up to six strokes of the cane.
Those found guilty of committing or attempting to commit any acts of harassment on behalf of an unlicensed moneylender can be fined between $5,000 and $50,000, jailed for up to five years, and given between three and six strokes of the cane.
Anyone found guilty of providing false contact information to obtain loans from unlicensed moneylenders can be jailed for up to 12 months.
“The police will continue to take tough enforcement action against those involved in the unlicensed moneylending business, regardless of their roles, and ensure that they face the full brunt of the law,” the police said, adding that this includes taking action against all who open or give away their bank accounts to aid with the operations of unlicensed moneylenders.
Increasingly, unlicensed moneylenders are sending unsolicited loan advertisements via text messages and online platforms, said the police.
Members of the public should not reply or respond to such advertisements and should report these messages as spam.
Members of 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.
