91 people being investigated for involvement in unlicensed moneylending: SPF
A recent crackdown by the Singapore Police Force (SPF) on unlicensed moneylending activities has led to 91 individuals being investigated for various roles in illegal lending operations.
These individuals, aged between 16 and 77, face charges related to harassment, making transfers, and providing accounts to facilitate illicit moneylending.
91 people investigated for roles in unlicensed moneylending scheme
According to SPF’s announcement on 10 Nov, the investigation follows an islandwide operation conducted from 27 to 31 Oct.
The operation uncovered various forms of involvement in illegal moneylending.
- 10 individuals are alleged to have harassed debtors at their homes, a common tactic used to pressure victims into repaying loans.
- 9 people are believed to have acted as “runners”, assisting in the operation by conducting Automated Teller Machine (ATM) transfers for unlicensed moneylenders.
- The remaining 52 individuals are suspected of providing their bank accounts, ATM cards, Personal Identification Numbers (PINs), and Internet Banking tokens to moneylenders, aiding in the facilitation of these illegal activities.
The SPF has confirmed that investigations are ongoing for all 91 individuals involved.
SPF warns against involvement with unlicensed moneylending in any capacity
The SPF issued a stern warning to anyone associated with unlicensed moneylending activities.
According to the law, anyone found assisting unlicensed moneylenders, even if indirectly, could face severe penalties.
First-time offenders guilty of assisting in unlicensed moneylending can be jailed for up to four years, fined between S$30,000 and S$300,000, and caned no more than six times.
Individuals found guilty of aiding unlicensed moneylenders by providing their bank accounts or financial credentials could face up to four years in prison, a fine between S$30,000 and S$300,000, and up to six strokes of the cane.
Those involved in harassment or acting on behalf of unlicensed lenders face up to five years’ imprisonment, a fine between S$5,000 and S$50,000, and between three to six strokes of the cane.
Those found guilty of allowing their bank accounts to be used by moneylending syndicates may be prosecuted and also barred from ATM and internet banking for one year.
The SPF strongly advised the public to avoid any involvement with unlicensed moneylenders, citing the significant harm these practices inflict on borrowers and their families.
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