15-year-old among 122 people under probe for suspected involvement in unlicensed moneylending activities
They allegedly conducted harassment activities, acted as runners, or supplied personal bank accounts to unlicensed moneylenders.
SINGAPORE — A 15-year-old is among 122 people under police investigations for suspected involvement in unlicensed moneylending activities.
The Singapore Police Force (SPF) said in a news release on Thursday (4 April) that the investigations came after a suppression operation conducted from 22 to 28 March. The seven-day operation saw officers from the Criminal Investigation Department as well as seven police land divisions conduct simultaneous raids islandwide.
Preliminary investigations revealed that 17 people had allegedly conducted harassment at the residences of debtors. Meanwhile, 45 people are believed to be runners who had assisted in unlicensed moneylending businesses by carrying out ATM transfers.
The remaining 60 people are believed to have opened bank accounts and provided their ATM cards, personal identification numbers and/or internet banking tokens to unlicensed moneylenders to facilitate their unlicensed moneylending businesses.
Police investigations are ongoing.
What are the penalties for moneylending activities?
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 can be punished with a jail term 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 is punishable with a jail term of up to five years, a fine between $5,000 and $50,000, and caning ranging from three to six strokes.
The police said it will continue to take tough enforcement action against those involved in the unlicensed moneylending business, regardless of their roles, and ensure that they face the full brunt of the law. This includes taking action against those who provide their bank accounts to aid unlicensed moneylenders.
Public urged to stay away from unlicensed moneylenders
The police has advised the public to stay away from unlicensed moneylenders to avoid the vicious cycle of harassment, and not to work with or assist them in any way.
"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," it said.
The public can call the police at ‘999’ or the X-Ah Long hotline (1800-924-5664) if they suspect or know of anyone who could be involved in unlicensed moneylending activities.
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