The Police have arrested a 45-year-old man for his suspected involvement in carrying on the business of unlicensed moneylending.
On 3 October 2023, the Police were alerted to a case of unlicensed moneylending, where the man was believed to be issuing loans to Migrant Domestic Workers (MDWs) in Singapore. Acting on the information received, officers from Woodlands Police Division arrested the man on 6 October 2023. During the operation, a mobile phone containing records of the alleged unlicensed moneylending activities was seized as a case exhibit. The Police have also frozen two bank accounts belonging to the man. Preliminary investigations revealed that the man had issued loans to at least 40 MDWs. Police investigations are ongoing.
Under the Moneylenders Act 2008, first time offenders found guilty of carrying on a business of unlicensed moneylending shall be liable on conviction to a fine of not less than $30,000 and not more than $300,000, imprisonment of up to four years, and caning of up to six strokes.
Work pass holders who are found to have borrowed money from unlicensed moneylenders may have their work pass revoked, be repatriated, and debarred from further employment in Singapore.
The Police have been working with relevant ministries and partners, such as the Ministry of Manpower (MOM) and Foreign Domestic Worker Association for Social Support and Training (FAST), to raise the awareness of MDWs against borrowing money from unlicensed moneylenders. The Police will continue to work closely with the stakeholders on outreach efforts in the MDW community.
Employers of MDWs can protect your MDWs by reminding them to stay away from unlicensed moneylenders. 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 unlicensed moneylending activities.
SINGAPORE POLICE FORCE
18 October 2023 @ 10:34 AM