Nine nabbed for unlicensed moneylending activities

A husband and wife duo are among nine suspects who have been arrested by the police for their involvement in unlicensed moneylending activities tied to a loanshark syndicate here. -- ST POSED PHOTO: WANG HUI FEN
A husband and wife duo are among nine suspects who have been arrested by the police for their involvement in unlicensed moneylending activities tied to a loanshark syndicate here. -- ST POSED PHOTO: WANG HUI FEN

A husband and wife duo are among nine suspects who have been arrested by the police for their involvement in unlicensed moneylending activities tied to a loanshark syndicate here.

The police found that the 36-year-old man and his 29-year-old wife worked as ATM runners for the syndicate by performing fund transfers using several ATM cards. They also used their home computer to print flyers which advertised loan services.

The raids and arrests, which took place over a five-hour period on Thursday, were conducted by officers from the Criminal Investigation Department at various places across Singapore. These include Petir Road, Clementi Road and Toa Payoh.

The syndicate in question is linked to more than 70 loanshark harassment cases across Singapore.

Investigations also found that four of those apprehended had allowed their bank accounts to be used by the syndicate to issue loans and collect repayments while the remaining three were ATM runners and flyers distributors.

Two of the nine suspects are expected to be charged in court on Monday, said the police. Investigations against the remaining suspects are still ongoing. Under the Moneylenders Act, anyone found guilty of assisting in the operations of an unlicensed moneylending business may be fined between $30,000 and $300,000 and imprisoned for up to four years.