Man and woman arrested for alleged unlicensed moneylending

Man and woman arrested for alleged unlicensed moneylending

Police 02
File photo of Singapore Police Force (Photo: Jeremy Long)

SINGAPORE: A Singaporean man and a Filipino woman were arrested on Sunday (May 12) for allegedly providing unlicensed moneylending services.

The police said in a statement that they received information in November last year that the duo were believed to have issued loans to foreign domestic workers.

After identifying the suspects, officers arrested them near Orchard Road on Sunday.

During the operation, two mobile phones, records of unlicensed moneylending activities and cash were seized.

The man, 60, and the woman, 45, will both be charged in court on Tuesday.

READ: Borrowing, brokering, lending: Inside the tangled web of maids and moneylenders

Those found guilty of carrying on or assisting in a business of unlicensed moneylending may be fined between S$30,000 and S$300,000, as well as jailed for up to four years and caned.

“Foreign workers, including foreign domestic workers, who have assisted or borrowed money from unlicensed moneylenders may also be repatriated and barred from working in Singapore,” the police said.

READ: Loan caps for those borrowing from moneylenders to take effect end-November

The police added that they have observed that more foreign workers, including foreign domestic workers, are borrowing money from unlicensed moneylenders.

“In some instances, these foreign workers would assist the unlicensed moneylenders in their illegal activities or be running the operation themselves.”

The police said they have engaged relevant ministries and agencies, such as the Ministry of Manpower, to educate foreign workers against borrowing from unlicensed moneylenders.

They also urged employers to remind their foreign workers to stay away from unlicensed moneylenders, and not to work with or help them in any way.

Source: CNA/zl(hm)