124 investigated in latest blitz against unlicensed moneylending
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The police said they take tough enforcement action against people involved in the unlicensed moneylending business.
PHOTO: BT FILE
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SINGAPORE – The police are investigating 124 people, aged between 17 and 78, for their suspected involvement in unlicensed moneylending activities, following simultaneous islandwide raids by seven police land divisions and the Criminal Investigation Department from March 27 to 31.
Preliminary investigations revealed the following:
10 people had allegedly “conducted harassment at debtors’ residences”
49 people were believed to be runners for unlicensed moneylending businesses by carrying out ATM transfers
One person had allegedly provided false contact information to an unlicensed moneylender
The other 64 people were believed to have opened bank accounts and provided their ATM cards, personal identification numbers and/or Internet banking tokens to facilitate their unlicensed moneylending businesses.
Investigations are ongoing.
Those convicted of carrying on or assisting in unlicensed moneylending can be jailed for up to four years, fined between $30,000 and $300,000, and caned up to six strokes.
Those convicted of acting on behalf of an unlicensed moneylender, committing or attempting to commit harassment can be jailed for up to five years, fined between $5,000 and $50,000, and caned between three and six strokes.
Those who provide false contact information to obtain loans from unlicensed moneylenders can be jailed for up to 12 months.
The police said they take tough enforcement action against people involved in the unlicensed moneylending business, including those who open or give away their bank accounts to aid unlicensed moneylenders.
The public can call the police on 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.
