The Police have arrested 100 suspects, aged between 13 and 63, in a three-day anti-loansharking operation that ended on 30 November 2016. These 69 men and 31 women are suspected to be involved in loansharking activities.
During the islandwide 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 two male suspects, aged 33 and 49, had operated an unlicensed moneylending business. Two suspects are believed to have provided false contact information when obtaining loans from loansharks, and four suspects are believed to be “runners” who had assisted the loansharks in their businesses by carrying out Automated Teller Machine (ATM) transfers and collecting debts in person.
Police also arrested 11 suspects, who are believed to have carried out acts of loanshark-harassment by splashing paint and scrawling loanshark-related graffiti on walls. The remaining 81 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 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
01 December 2016 @ 4:15 PM