139 under investigation for suspected illegal moneylending activities
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Forty of the suspects allegedly assisted in unlicensed moneylending businesses through ATM transfers.
ST PHOTO: SHINTARO TAY
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SINGAPORE - Police are investigating 139 suspects aged between 15 and 78 for suspected illegal moneylending activities, after conducting a series of raids across the island.
Officers from the Criminal Investigation Department and the seven police land divisions participated in the five-day operation from Sept 26 to 30.
The Singapore Police Force said preliminary investigations revealed that eight persons had allegedly conducted harassment at debtors' residences, while 40 persons, believed to be runners, allegedly assisted in unlicensed moneylending businesses through automated teller machine (ATM) transfers.
The remaining 91 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 to 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.
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.
