The Police have arrested eight men and two women, aged between 19 and 69, for their suspected involvement in loansharking activities.
On 12 November 2024, officers from the Criminal Investigation Department and Police Intelligence Department conducted simultaneous raids at multiple locations islandwide, leading to the arrest of ten persons for their suspected involvement in assisting unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.
During the operation, cash amounting to more than $34,000, more than 70 ATM cards and several mobile phones were seized.
The Police will be charging five persons, aged between 29 and 60, for the offence of carrying on the business of unlicensed moneylending on 13 November 2024, under the Moneylender Act 2008. Investigations against the other persons are ongoing.
Under the Moneylender Act 2008, first-time offenders found guilty of the offence of carrying on or assisting in a business of unlicensed moneylending shall be punished with imprisonment of up to four years, a fine between $30,000 and $300,000, and caning of up to six strokes. First-time offenders found guilty of the offence of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment shall be punished with imprisonment of up to five years, a fine between $5,000 and $50,000, and caning of between three and six strokes.
The Police will continue to take tough enforcement actions against those involved in helping unlicensed moneylending syndicates. This includes acting against individuals who open or give away their bank accounts to aid unlicensed moneylenders. Anyone who allow their bank accounts to be used by unlicensed moneylending syndicates for transactions may be barred from using ATM and internet banking facilities for a year.
Members of the public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way. The public can call the Police at ‘999’ or call the Police hotline at 1800-255-0000 if they suspect or know of anyone who could be involved in unlicensed moneylending activities. All information provided will be kept confidential.
SINGAPORE POLICE FORCE
12 November 2024 @ 11:05 PM