The Police have arrested 64 men and 32 women, aged between 21 and 72, for their suspected involvement in loansharking activities in an operation that was conducted from 27 to 29 August 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 16 suspects are believed to be runners who had carried out Automated Teller Machine (ATM) transfers on behalf of loansharks, and two other suspects are believed to have provided false contact information for purpose of obtaining loans. Another suspect is believed to have assisted the loansharks in issuing loans.
The remaining 77 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 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 five years, a fine of between $5,000 and $50,000, and shall also be liable to caning of between three and six strokes.
5 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 five 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.
Loansharks have also turned to 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
31 August 2018 @ 8:30 PM