Singapore probes 117 for suspected role in illegal moneylending activities

SINGAPORE: A total of 117 people, aged between 13 and 74, are being investigated for their suspected involvement in unlicensed moneylending activities, the police said on Dec 4.

This comes after a four-day operation, between Nov 14 and 17, by officers from the Criminal Investigation Department and the seven police land divisions who conducted simultaneous raids islandwide.

Preliminary investigations showed that 16 people had allegedly harassed debtors at their homes, while another 42 are believed to be runners who had carried out ATM transfers for illegal moneylending businesses.

The remaining 59 suspects had allegedly opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to unlicensed moneylenders to facilitate their businesses.

The police said a person is presumed to have assisted in an unlicensed moneylending business if his bank account, ATM card or Internet banking token is used to facilitate the lending of money by an unlicensed person.

Those found guilty of carrying on or assisting an unlicensed moneylending business can be jailed for up to four years, fined between $30,000 and $300,000, and receive up to six strokes of the cane on the first conviction.

A person found guilty of committing or attempting to commit an act of harassment on an unlicensed moneylender’s behalf can be jailed for up to five years, fined from $5,000 to $50,000 and receive three to six strokes of the cane on the first conviction.

“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, advising the public not to work with or assist unlicensed moneylenders.

Those who suspect someone is involved in unlicensed moneylending can call the police on 999 or the X-Ah Long hotline on 1800-924-5664. - The Straits Times/ANN