98 people aged 17 to 78 investigated for suspected unlicensed moneylending
The Singapore Police Force (SPF) announced on Monday (7 Sept) that it is investigating 98 people for their suspected involvement in unlicensed moneylending activities.
According to the SPF, the suspects, aged between 17 and 78, were identified following a seven-day islandwide enforcement operation conducted from 25 to 31 Aug.
Police conduct raids across Singapore over seven days
Officers from the Criminal Investigation Department and all seven Police Land Divisions carried out raids across Singapore during the operation.
Preliminary investigations indicated that one person had operated as an unlicensed moneylender, while seven others had allegedly harassed debtors at their homes.
Another 46 people were believed to have acted as runners by making Automated Teller Machine (ATM) transfers in support of unlicensed moneylending activities.
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Police also believe that 41 people opened bank accounts and handed their ATM cards, Personal Identification Numbers (PINs), and/or Internet Banking tokens to unlicensed moneylenders.
Three people linked to moneylending reports in Singapore and Malaysia
The remaining three suspects are a woman and two men aged between 26 and 48.
They are under investigation for their suspected involvement in cross-border unlicensed moneylending activities after the SPF acted on information from the Royal Malaysia Police (RMP).
The trio allegedly provided their bank accounts and mobile numbers to unlicensed moneylenders. They are believed to be linked to unlicensed moneylending reports in both Singapore and Malaysia.
Senior Assistant Commissioner of Police Julius Lim, Director of the Criminal Investigation Department, said the SPF would continue taking decisive action against these syndicates and those who enable them, including through close cooperation with the RMP.
Anyone involved in unlicensed moneylending activities, in whatever capacity, will face the full consequences of the law
Investigations into all 98 people are ongoing.
Offenders face jail, fines, and caning
Under the Moneylenders Act 2008, anyone whose phone line, bank account, ATM card, or Internet Banking token is used to facilitate unlicensed moneylending is presumed to have assisted in the business.
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For a first conviction, operating or supporting such a business carries a jail term of up to four years, a fine ranging from S$30,000 to S$300,000, and up to six strokes of the cane.
First-time offenders who carry out or attempt to carry out harassment for an unlicensed moneylender may receive 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.
Borrowers and their families may also face dangerous harassment, including fires being set, paint being splashed at their homes, and gates being chained or locked to trap occupants inside.
Bank account holders who let syndicates route illegal transactions through their accounts risk prosecution and a one-year ban from ATM and Internet Banking services.
Foreigners found to have borrowed from unlicensed moneylenders or convicted of aiding their activities may lose their student or work passes and be deported after completing their sentences.
Meanwhile, the SPF and RMP will continue sharing information and coordinating enforcement efforts against cross-border operations. Police advised the public not to borrow from or assist unlicensed moneylenders.
Those with relevant information may call the Police hotline at 1800-255-0000 or submit it via the SPF’s i-Witness portal. All information provided will be kept confidential.
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