14-year-old among 80 people under probe for unlicensed moneylending activities

SINGAPORE – Eighty people aged between 14 and 72 are being investigated for their suspected involvement in unlicensed moneylending activities.

This followed a five-day islandwide operation from Jan 26 to Jan 30 by officers from the Criminal Investigation Department and seven police land divisions, the police said in a statement on Feb 5.

Preliminary investigations found that seven people allegedly harassed debtors at their residences, and 32 are believed to be runners who assisted in unlicensed moneylending activities by carrying out ATM transfers.

The other 41 people were suspected to have opened bank accounts and provided their ATM cards, personal identification numbers and/or internet banking tokens to unlicensed moneylenders to facilitate their activities.

Investigations into all 80 people are ongoing.

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 convicted of 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 found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit 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 actions against those involved in helping unlicensed moneylending syndicates. This includes firm action against anyone who deliberately vandalises property, causes annoyance or disrupts public safety, peace and security,” said the authorities.

Those who open or give away their bank accounts to aid unlicensed moneylenders may also face prosecution and be barred from using ATM and internet banking facilities for a year.

“We urge young people to steer clear of such activities and not to assume that their age will afford them any leniency,” said the police.

Foreigners who borrow from or aid unlicensed moneylenders may have their student or work passes cancelled and be deported from Singapore, they added.

Anyone with information on unlicensed moneylending activities can call the police on 999 or 1800-255-0000, or submit information online via the

i-Witness portal

. All information provided will be kept confidential.