SPF is investigating 93 people for involvement in unlicensed moneylending
A massive police crackdown on illegal moneylending has left 93 people under investigation, with some accused of directly harassing debtors at their homes.
The Singapore Police Force (SPF) revealed in a press release on Wednesday (3 Sept) that the suspects were caught following a series of islandwide raids.
The operation was carried out from 25 Aug to 29 Aug.
Over the five-day operation, officers from the Criminal Investigation Department and seven police land divisions mounted simultaneous operations across Singapore.
Suspects allegedly played different roles
The SPF stated that preliminary checks showed that the suspects had taken on different roles in the unlicensed moneylending operations.
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11 suspects allegedly harassed debtors at their residences.
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38 suspects are believed to be “runners” who assisted with unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.
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1 suspect allegedly gave false contact details to the unlicensed moneylenders.
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43 suspects allegedly opened bank accounts and handed over their ATM cards, PINs, and Internet Banking tokens to the unlicensed moneylenders to aid the illegal businesses.
Police investigations ongoing
SPF confirmed that investigations into all 93 suspects are ongoing.
They also warned that those who assist in illegal moneylending — even by simply handing over their bank accounts — are presumed under the Moneylenders Act 2008 to be part of the illegal operation.
This offence carries a penalty of up to four years’ jail, a S$300,000 fine, and six strokes of the cane.
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