Over 100 people aged 15 to 73 under probe for suspected unlicensed moneylending offences
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Investigations are ongoing against all 117 suspects.
PHOTO: LIANHE ZAOBAO
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SINGAPORE - More than 100 people aged between 15 and 73 with suspected links to unlicensed moneylending are under investigation, the police said.
They were nabbed during a week-long operation between Jan 15 and Jan 21, when officers from the Criminal Investigation Department and seven police land divisions carried out simultaneous raids across the island.
The police, in a statement on Feb 3, said 117 suspects are under investigation, out of which 20 were found to have allegedly harassed debtors at their homes.
Another 41 suspects are believed to be runners who carried out ATM transfers as part of unlicensed moneylending activities.
The remaining 56 suspects are believed to have opened bank accounts and provided their ATM cards, Personal Identification Numbers or internet banking tokens to unlicensed moneylenders.
If found guilty of unlicensed moneylending activities, first-time offenders can be jailed for up to four years, fined between $30,000 and $300,000, and get up to six strokes of the cane.
First-time offenders found guilty of harassing or attempting to harass a person on behalf of an unlicensed moneylender can be given a jail term of up to five years, fined between $5,000 and $50,000, and caned between three and six times.
Foreigners who borrow or aid unlicensed moneylenders can have their student or work passes cancelled, and deported from Singapore.
“Anyone who allows their bank accounts to be used by unlicensed moneylending syndicates for transactions may be barred from using ATM and internet banking facilities for a year,” added the police.
Members of the public are advised to stay away from unlicensed moneylenders.
“Unlicensed moneylenders will not hesitate to carry out persistent and dangerous harassment acts on the borrowers and their families, such as setting fire, and splashing paint at their residences, and locking the gates using chains or bicycle locks to confine the occupants,” the police said.
