A total of 79 people are being investigated for their suspected involvement in unlicensed moneylending activities following a week-long islandwide enforcement operation by the Police.
The suspects, aged between 15 and 77, were caught during raids conducted from 19 to 25 May 2026.
In a news release on Friday (29 May), the Police said officers from the Criminal Investigation Department (CID) and the seven Police land divisions were involved in the coordinated raids across Singapore.
Preliminary investigations revealed that eight individuals had allegedly harassed debtors at their residences.
Source: SPF on Facebook. Image for illustration purposes only.
Another 19 suspects were believed to have acted as runners for unlicensed moneylenders by carrying out Automated Teller Machine (ATM) transfers.
The remaining 52 individuals are alleged to have assisted unlicensed moneylenders by opening bank accounts and handing over their ATM cards, Personal Identification Numbers (PINs), and/or internet banking tokens.
According to the Police, these bank accounts were allegedly used to facilitate unlicensed moneylending activities.
Investigations against all 79 individuals are ongoing.
Under the Moneylenders Act 2008, first-time offenders found guilty of acting on behalf of unlicensed moneylenders can face severe penalties.
Source: anurakpong on Canva. Image for illustration purposes only.
Those convicted may be fined between S$30,000 and S$300,000, and jailed for up to four years.
They may also face caning of up to six strokes.
The Police have repeatedly warned members of the public not to assist unlicensed moneylenders.
This includes giving away bank account details or carrying out money transfers on their behalf.
SPF advised members of the public, including foreigners, to stay away from unlicensed moneylenders.
Foreigners risk having their student or work passes cancelled if they are found guilty of such acts.
This includes borrowing from unlicensed moneylenders or aiding them in any way.
They will subsequently be deported from Singapore upon completion of their sentence.
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Featured image adapted from SPF on Facebook and anurakpong on Canva.