The Police have arrested five men and two women, aged between 19 and 63, for their suspected involvement in loansharking activities in an operation that took place between 26 and 28 December 2018.
During the three-day operation, officers from Jurong Police Division conducted simultaneous raids at multiple locations in Singapore, resulting in the arrests. Preliminary investigations revealed that two suspects are believed to be runners who had carried out Automated Teller Machine (ATM) transfers on behalf of loansharks.
The remaining five 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 business. Investigations are ongoing.
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.
Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of carrying out or assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.
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 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.
During the three-day operation, officers from Jurong Police Division conducted simultaneous raids at multiple locations in Singapore, resulting in the arrests. Preliminary investigations revealed that two suspects are believed to be runners who had carried out Automated Teller Machine (ATM) transfers on behalf of loansharks.
The remaining five 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 business. Investigations are ongoing.
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.
Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of carrying out or assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.
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 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.
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
29 December 2018 @ 1:15 PM
SINGAPORE POLICE FORCE
29 December 2018 @ 1:15 PM