A 60-year-old man in Singapore has been charged with allegedly providing loans without a licence.
Preliminary investigations revealed that he provided a total of S$57,000 to at least 10 borrowers, the Singapore Police Force (SPF) stated in a statement on Thursday (28 May).
The police intervened on 21 April 2025 after a debtor reported harassment by a loanshark over repayments.
Investigations revealed the man lent amounts ranging from S$500 to S$11,000 between June 2023 and October 2025.
Authorities will charge the man with 22 counts of conducting a moneylending business without a licence.
Under Section 5(1) of the Moneylenders Act 2008, first-time offenders may face up to four years’ imprisonment, fines between S$30,000 and S$300,000, and up to six strokes of caning.
Meanwhile, repeated offenders shall be punished with an imprisonment term of up to seven years, a fine of not less than S$30,000 and not more than S$300,000, and up to 12 strokes of caning.
The police stated that it will take strict action against individuals involved in loansharking activities.
“Loansharks will not hesitate to carry out persistent and dangerous harassment acts on debtors and their families, such as setting fires, splashing paint at residences, and locking the gates using chains or bicycle locks to confine the occupants,” they added.
Members of the public are urged to report suspected loansharking activities by calling the police at 999.
Also read: 19-year-old man arrested over loanshark harassment cases across S’pore, 10 cans of paint seized
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from MS News.