The Police have arrested a 30-year-old man for his suspected involvement in loan scam and loansharking activities.
On 26 June 2019, the Police were alerted to a case of loan scam whereby the victim responded to a loan advertisement through a text message in his handphone for a loan of $2000/-. The victim was told to make upfront payment of administration fee before his loan can be approved. The victims paid a total of $1,030/- on four occasions to a bank account provided but did not receive the loan amount.
Through follow-up investigations, officers from Bedok Police Division established the identity of the man and arrested him on 28 June 2019. Investigations against the man are ongoing.
Any persons found guilty of cheating under Section 420 of the Penal Code, shall be punished with an imprisonment term which may extend up to 10 years, and shall also be liable to a fine.
Under the Moneylenders’ Act (Revised Edition 2010), when a bank account 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.
Licensed moneylenders are not permitted to advertise their business through SMS or WhatsApp messages. Such advertisements on messaging platforms are likely to be from unlicensed moneylending syndicates. These syndicates may also resort to acts of harassment to compel victims to make loan repayments.
Members of the public are advised to take the following precautions when they receive unsolicited messages, especially from unknown parties, that offer loan services:
a. Ignore such advertisements. Do not reply to these messages. Instead, block or report the number as spam on WhatsApp or through third party applications.
b. If required, only engage the services of licensed moneylenders listed on the Ministry of Law’s Registry of Moneylenders website at https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/list-of-licensed-moneylenders-in-singapore.html.
c. Do not give out personal information, such as NRIC and contact numbers, and bank details, such as bank account number to anyone.
Anyone with information on unlicensed moneylenders can call the Police hotline at 1800-255-0000, or submit the information online at www.police.gov.sg/iwitness.
Members of the public are advised to stay away from loansharks. 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. They are also advised to share the scam advisory with family and friends to prevent them from becoming the next scam victim.
SINGAPORE POLICE FORCE
28 June 2019 @ 11:15 PM