The Police have arrested 125 suspects, aged between 17 and 73, in an anti-loansharking operation that took place between 22 and 24 February 2016. These 96 men and 29 women are suspected to be involved in loansharking activities.
During the three-day operation, officers from the Criminal Investigation Department (CID) and the six Police divisions conducted simultaneous raids at multiple locations in Singapore to effect the arrests. Preliminary investigations revealed that five suspects are believed to be runners who had assisted the loansharks in their businesses by carrying out Automated Teller Machine (ATM) transfers. Another eight suspects are believed to be harassers who had carried out acts of loanshark-harassment by splashing paint and scrawling loanshark-related graffiti on walls.
Police also arrested three suspects who are believed to have provided false contact information when obtaining loans from loansharks. Investigations under the National Registration Act will be carried out against the said suspects for failing to report the change of address. The remaining 109 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers (PINs) to loansharks to facilitate their unlicensed moneylending businesses. Investigations against all the suspects are ongoing.
Under the Moneylenders’ Act (Revised Edition 2010), when a bank account or ATM card of any person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in carrying on the business of unlicensed moneylending.
- First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of up to six strokes.
- First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with imprisonment for a term of up to five years, a fine of between $5,000 and $50,000, and shall also be liable to caning of between three and six strokes.
- Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment for a term of up to 12 months. Under the National Registration Act, any person who is guilty of an offence of failing to report a change of address shall be liable on conviction to a fine of up to $5,000, or to imprisonment for a term of up to five years, or to both.
Deputy Commissioner of Police (Investigations & Intelligence) concurrent Director of the Criminal Investigation Department, Tan Chye Hee, commended the hard work of all the officers involved in the operation. He said, “Despite the 10-year-low in the number of UML-related harassment cases reported, the Police will not let up on our enforcement efforts and we will continue to track down, identify and arrest those involved in loansharking activities, regardless of their roles. Police are committed to tackling the loansharking threat and those arrested will be dealt with severely under the law. More of such operations can also be expected as part of our continuing fight against loansharking.â€
Members of public are advised to stay away from loansharks and not to work with or assist the loansharks in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in illegal loansharking activities.
SINGAPORE POLICE FORCE
25 February 2016 @ 7:45 PM