158 people under investigation for suspected unlicensed moneylending activities
SINGAPORE — A total of 158 persons are under investigation for their suspected involvement in unlicensed moneylending activities.
They are aged between 15 and 72 years old, the police said in a press statement on Tuesday (June 6).
Officers from the Criminal Investigation Department and the seven police land divisions carried out simultaneous island-wide raids between May 29 and June 1.
Preliminary investigations revealed that 10 persons had allegedly conducted harassment at debtors’ residences.
Another 48 suspects are believed to be runners who had assisted in unlicensed moneylending businesses by carrying out transfers at automated teller machines (ATMs).
The remaining 100 suspects are believed to have opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to unlicensed moneylenders.
Police investigations are ongoing.
Under the Moneylenders Act (2008), offenders who carry on or assist in unlicensed moneylending will face up to four years' jail, a fine of between S$30,000 and S$300,000, and up to six strokes of the cane.
Those who act on behalf of an unlicensed moneylender by committing or attempting to commit any acts of harassment will face up to five years' jail, a fine of between S$5,000 and S$50,000, and between three and six strokes of the cane.
The police said that they will continue to take tough enforcement action against those involved in unlicensed moneylending, regardless of their roles, and ensure they face the full brunt of the law.
This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.
“Unlicensed moneylenders are increasingly using text messaging or online platforms to send unsolicited loan advertisements. Members of the public are reminded not to reply or respond to such advertisements and to report these messages as spam,” the police said.
The public can call the police at 999, or the X-Ah Long hotline at 1800-924-5664 to report any unlicensed moneylending activities.
