As Singapore goes through a period of economic uncertainty due to the pandemic, it seems that there are some illegal “businesses” that continue to carry on largely as per normal.
In fact, as many Singaporeans have experienced income loss, loan sharks probably have no lack of people to target now.
More troubling is how loan sharks have managed to recruit people of a wide range of ages to work for them – even a 13-year-old.
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The young suspect was arrested along with 315 others by the police over the last few weeks.
In a media release on Tuesday (9 Feb), the Singapore Police Force (SPF) said it conducted sweeping raids across the island over the last 3 weeks.
Their aim was to combat the scourge of loansharking activities.
The operation involved officers from the Criminal Investigation Department (CID), as well as the 7 police land divisions.
The blitz took place from 18 Jan to 7 Feb.
As a result of the raids, 316 in total were arrested, the SPF said.
The youngest suspect among them is just 13 years old – showing how pervasive the recruitment of loan shark runners is.
On the other hand, loan sharks have also managed to recruit those old enough to know better – seeing as the the oldest suspect is 71 years old.
Besides arresting suspects, the police also seized $52,000 in cash.
Items like mobile phones, ATM/credit/debit card prepaid SIM cards were also found, and the SPF identified them as unlicensed moneylending paraphernalia.
Apparently, items like ATM cards can facilitate loansharking activities.
A majority of the suspects arrested – 215 in total – had allegedly opened bank accounts for this purpose.
They then gave the ATM cards, personal identification numbers (PINs) and/or Internet banking tokens associated with these accounts to loan sharks.
The SPF is in the midst of investigating all these suspects.
The SPF also warned those who allow their bank accounts, ATM cards or Internet banking token to be used for loansharking activities.
They will be presumed to have assisted in an unlicensed moneylending business.
That’s according to the Moneylenders Act (Revised Edition 2010).
If you’re found guilty of such a crime, you may be fined from $30,000-$300,000, jailed for up to 4 years and caned up to 6 strokes – and that’s just for the 1st offence.
Thus, don’t let your bank account and associated items be used by loan sharks, or face the consequences.
The police also believe 68 of the suspects arrested are runners, according to preliminary investigations.
They allegedly performed transfers using ATMs to help loan sharks.
The remaining 33 others allegedly harassed debtors at their residences.
Those found guilty of acting on behalf of a loan shark or harassing debtors will face a fine of from $5,000-$50,000, a jail term of up to 5 years and caning of from 3-6 strokes. This is for 1st-time offenders.
The SPF didn’t reveal what the 13-year-old suspect had allegedly done. However, the suspect is presumably too young to open a bank account or perform ATM transfers.
You might have recently received an SMS or online messages from someone offering to lend money.
The SPF has said that loan sharks more increasingly using these tactics to target potential borrowers.
Hence, they reminded the public to ignore these unsolicited advertisements. If they’re received via WhatsApp, do report them.
Singaporeans should also avoid helping loan sharks in any way.
If you suspect someone of being involved in loansharking activities, do call the police or the “X-Ah Long hotline” at 1800-924-5664.
It’s troubling that children as young as 13 have been recruited by loan sharks to carry out nefarious deeds.
As children aren’t mature enough to avoid temptation, they’re more vulnerable to being led astray by criminals.
Thus, do keep an eye on the young people that you know, and take action if you suspect that they’re being unduly influenced.
Have news you must share? Get in touch with us via email at hello@mustsharenews.com.
Featured image adapted from the Singapore Police Force.
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