The Police have arrested 79 men and 30 women, aged between 14 and 68, for their suspected involvement in loansharking activities in an operation conducted from 26 November 2018 to 28 November 2018.
During the three-day operation, officers from the Criminal Investigation Department and the six police land divisions conducted simultaneous raids at multiple locations islandwide, resulting in the arrests. Preliminary investigations revealed that 23 suspects are believed to be runners who had carried out Automated Teller Machine (ATM) transfers on behalf of loansharks. Five other suspects are believed to have carried out acts of loanshark harassment by splashing paint and scrawling loanshark-related graffiti on walls. Another three suspects are believed to have provided false contact information for the purpose of obtaining loans.
The remaining 78 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers to loansharks to facilitate their unlicensed moneylending businesses. Investigations are ongoing.
The Police have arrested 1091 persons this year in anti-loansharking operations. We will continue to take tough enforcement action against those involved in the loansharking business and they will face the full brunt of the law.
Opening a bank account, distributing pamphlets, acting as a look-out, being a runner or acting as a harasser for loansharks are criminal activities that have serious consequences, such as a hefty fine, jail term and even caning. Under the Moneylenders’ Act (Revised Edition 2010), when a bank account or an ATM card of a 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 carrying out or assisting in a 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 be punished with caning between three and six strokes.
Anyone 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.
The Police have observed that youths were found to be recruited for loansharking activities when they respond to job advertisements posted on online platforms such as Facebook and Gumtree. Students are reminded to exercise caution when taking up part-time jobs during the school holidays, especially those promising quick and easy money. Any person found guilty of instigating a youth to commit an offence of assisting in the unlicensed moneylending business or carrying out harassment acts on behalf of the loansharks shall be liable on conviction to imprisonment for a term of up to nine years, a fine of between $6,000 and $300,000, and shall also be liable to be punished with caning of up to 12 strokes.
Loansharks are also increasingly sending unsolicited loan advertisements via text messages or online platforms. Members of the public are reminded not to reply or respond to such advertisements, and report the number as spam. Members of the public are also 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
30 November 2018 @ 5:20 PM