The Police have arrested 74 men and 25 women aged between 17 and 70, in an islandwide anti-loansharking operation that took place between 26 and 28 September 2016. These 99 suspects are believed to be involved in loansharking activities.
During the three-day operation, officers from the Criminal Investigation Department (CID) and the six land divisions conducted simultaneous raids at various locations in Singapore to effect the arrests. Preliminary investigations revealed that seven suspects are believed to have assisted the loansharks in their businesses by carrying out Automated Teller Machine (ATM) transfers, and two suspects are believed to have provided false contact information when obtaining loans from loansharks. The Police also arrested one suspect who is believed to be a harasser who had carried out acts of loanshark harassment.
The remaining 89 suspects are believed to have opened bank accounts and given 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 the 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 5 years, a fine of between $5,000 and $50,000, and shall also be liable to caning of between 3 and 6 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 5 years, or to both.
The Police will continue to take tough enforcement action against those involved in the loansharking business, regardless of their roles, and they will face the full brunt of the law. This would include taking action against those who open or give away their bank account/s to aid unlicensed moneylenders.
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
29 September 2016 @ 5:00 PM