The Police are investigating 95 persons, aged between 14 and 76, for their suspected involvement in unlicensed moneylending activities, following an islandwide operation conducted between 11 and 15 November 2024.
During the five-day operation, officers from the Criminal Investigation Department and the seven Police land divisions conducted simultaneous raids islandwide. Preliminary investigations revealed that five persons had allegedly harassed debtors at their residence and 40 persons are believed to be runners who had assisted in unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.
The remaining 50 persons are believed to have opened bank accounts and provided their ATM cards, Personal Identification Numbers (PINs) and/or Internet Banking tokens to unlicensed moneylenders to facilitate their unlicensed moneylending activities.
Investigations against all the persons are ongoing.
Under the Moneylenders Act 2008, when a bank account, ATM card or Internet Banking token 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 the offence of carrying on or assisting in a business of unlicensed moneylending shall be punished with imprisonment term of up to four years, a fine of not less than $30,000 and not more than $300,000, and caning of not more than 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 term of up to five years, a fine of not less than $5,000 and not more than $50,000, and caning of not less than three and not more than 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.
Unlicensed moneylenders will not hesitate to carry out persistent and dangerous harassment acts on the borrowers and their families, such as setting fire, and splashing paint at their residences, and locking the gates using chains or bicycle locks to confine the occupants.
Members of the public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way. Foreigners found to have borrowed from unlicensed moneylenders or convicted of aiding them may face cancellation of their student or work passes and subsequent deportation from Singapore.
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
21 November 2024 @ 9:58 PM