Singapore - The police arrested 123 suspects for loan shark activities in a three-day operation carried out between Tuesday (Aug 13) and Thursday across multiple locations in Singapore.

Officers from the Criminal Investigation Department and seven police land divisions conducted the raids and arrested 83 men and 40 women, aged between 19 and 64.

The police said 90 of the arrested suspects are believed to have opened bank accounts and given away their ATM cards and personal identification numbers to loan sharks to facilitate their unlicensed moneylending businesses.

About 23 suspects are believed to be runners, who carry out ATM transfers on behalf of loan sharks while eight of the suspects were arrested for alleged acts of loan shark harassment, which include splashing paint and scrawling loan shark-related graffiti on walls.

Two of the suspects are believed to have provided false contact information to get loans.

Carrying out various activities for loan sharks are all criminal activities that have serious consequences, such as a hefty fine, jail term and caning, said the police.

Activities for loan sharks include opening a bank account, distributing pamphlets, acting as a look-out, being a runner or acting as a harasser.

Under the Moneylenders' Act, when a person's bank account or ATM card is used to facilitate unlicensed moneylending, that person is presumed to have assisted in the carrying on the business of unlicensed moneylending.

First-time offenders convicted of carrying on or assisting in a business of unlicensed moneylending may be jailed up to four years, receive up to six strokes of the cane and may also be fined between $30,000 and $300,000.

Those convicted of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment, may be jailed up to five years, get between three and six strokes of the cane, and may also be fined between $5,000 and $50,000.