More than 150 people under investigation for suspected illegal moneylending activities

100 people are believed to have provided ATM cards, personal identification numbers and Internet banking tokens to unlicensed moneylenders. PHOTO ILLUSTRATION: ST FILE

SINGAPORE – Police are investigating 158 suspects aged between 15 and 72 for suspected illegal moneylending activities, after conducting a series of raids across the island.

Officers from the Criminal Investigation Department and the seven police land divisions participated in the four-day operation from May 29 to June 1.

In a statement on Tuesday, the police said preliminary investigations revealed that 10 people allegedly conducted harassment at debtors’ residences, while 48 people, believed to be runners, allegedly assisted in unlicensed moneylending businesses through ATM transfers.

The remaining 100 people are believed to have opened bank accounts and provided their ATM cards, personal identification numbers and Internet banking tokens to unlicensed moneylenders to facilitate their operations.

Investigations are ongoing, said the police.

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

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

“The police will continue to take tough enforcement action against those involved in the unlicensed moneylending business, regardless of their roles, and ensure that they face the full brunt of the law,” the police said, adding that this includes taking action against all who open or give away their bank accounts to help the operations of unlicensed moneylenders.

Members of 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.

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