SINGAPORE - Ten men and five women aged between 17 and 55 have been arrested for allegedly helping unlicensed moneylenders, the police said in a statement issued on May 19.

They were arrested in a two-day islandwide operation, with raids occurring simultaneously in Woodlands, Choa Chu Kang, Jurong West, Bedok and Sengkang.

Preliminary investigations showed that the suspects allegedly opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loan shark syndicates, facilitating their unlicensed moneylending activities. Investigations are ongoing.

Under the Moneylenders' Act 2010, first-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, jailed for up to four years and shall also be liable to be punished with up to six strokes of the cane.