18 people arrested for their involvement in loansharking activities

SINGAPORE – Eighteen people were arrested for their suspected involvement in loansharking activities, said the police in a statement on Friday.

The 17 men and one woman – aged between 34 and 61 – were rounded up in a two-day islandwide operation on Wednesday and Thursday.

The raids were carried out in multiple locations across Singapore.

During the operation, which involved officers from the Criminal Investigation Department, Police Intelligence Department and Special Operations Command, cash amounting to more than $146,000, mobile phones, SIM cards, automated teller machine (ATM) cards and a personal computer were seized.

Twenty-three bank accounts believed to have been used by the syndicate members have also been frozen by the police.

Preliminary investigations showed that the suspects were allegedly involved in various roles within the loansharking syndicate, such as carrying out ATM transfers, collecting and handing over cash, couriering, and illegally remitting criminal proceeds overseas.

Police investigations are ongoing.

Those found guilty of carrying on or assisting in a business of unlicensed moneylending can be jailed for up to four years, fined between $30,000 and $300,000, and receive six strokes of the cane.

Those found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment can be jailed for up to five years, fined between $5,000 and $50,000, and receive between three and six strokes of the cane.

Tough enforcement will also be taken against those who open or give away their bank accounts to aid unlicensed moneylenders, said the police.

Those who suspect or know of anyone who could be involved in unlicensed moneylending activities can contact the police on 999 or the X-Ah Long hotline on 1800-924-5664.