14-year-old among 128 people investigated for unlicensed moneylending activities
Sign up now: Get ST's newsletters delivered to your inbox
Forty-seven of those being investigated are believed to have helped unlicensed moneylending businesses carry out ATM transfers.
ST PHOTO ILLUSTRATION: SHINTARO TAY
Follow topic:
SINGAPORE – A total of 128 people, aged between 14 and 73, are being investigated for their suspected involvement in unlicensed moneylending activities.
This followed a five-day islandwide operation from May 27 to 31 by officers from the Criminal Investigation Department and seven police land divisions, the police said in a statement on June 8.
Preliminary investigations show that 17 people had allegedly harassed debtors at their residences, and 47 people are believed to be runners who had helped unlicensed moneylending businesses carry out Automated Teller Machine (ATM) transfers, said the police.
The remaining 64 allegedly opened bank accounts and provided their ATM cards, personal identification numbers or internet banking tokens to unlicensed moneylenders to facilitate their unlicensed moneylending activities.
Investigations are ongoing, the police added.
Under the Moneylenders’ Act, when a person’s bank account, ATM card or Internet banking token is used to facilitate unlicensed moneylending, that person is presumed to have helped the process.
First-time offenders for carrying on or assisting in an unlicensed moneylending business can be jailed for up to four years, fined between $30,000 and $300,000, and given up to six strokes of the cane.
First-time offenders for acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment can be jailed for up to five years, fined between $5,000 and $50,000, and punished with three to six strokes of the cane.
“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,” said the police.
“This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.”
The police added that unlicensed moneylenders will not hesitate to carry out persistent and dangerous harassment acts on the borrowers and their families, such as setting fire and splashing paint at their residences, and locking the gates using chains or bicycle locks to confine the occupants.
The police advised the public to stay away from unlicensed moneylenders, and not to work with or help them in any way.
The public can call 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.
