SINGAPORE - Some 508 people are under investigation for suspected offences linked to over 2,600 illegal moneylending and scam cases involving about $14.3 million, following a 10-day enforcement operation.

The suspects – 340 men and 168 women – are aged between 14 and 71, police said in a statement last Friday.

Of the group, 360 of them are being investigated by officers from the Bedok Division for suspected involvement in scams, which are mainly related to e-commerce, investment, job, tech support, phishing, and money laundering offences involving transactions over $14 million.

Another 148 people are being investigated for their suspected roles in loan scams and loan sharking activities involving transactions of over $300,000.

Of the 508, 57 people were arrested for suspected involvement in unlicensed moneylending and cheating offences.

Police investigations are ongoing. The offence of cheating carries a jail term of up to 10 years and a fine, while those guilty of money laundering can be jailed for up to 10 years, fined up to $500,000 or both.

First-time offenders found guilty of assisting in a business of unlicensed moneylending can be jailed for up to four years, fined up to $300,000 and given up to six strokes of the cane.

If they are found to offend again, they can be fined up to $300,000, with a jail term of up to seven years and given up to 12 strokes of the cane.

Assistant Commissioner of Police Justin Wong, commander of Bedok Police Division, said: “This operation reflects the police’s commitment to combat the scourge of scams and unlicensed moneylending.

“We urge the public to stay vigilant and not let their banking facilities be used for criminal activities. I commend officers for their efforts in bringing the subjects to justice and to stop them from harming more victims.”

For more information on scams, visit www.scamalert.sg or call the anti-scam hotline on 1800-722-6688.