95 arrested in three-day crackdown on loanshark operations

(Photo: Getty Images)

A total of 95 people have been arrested by the Singapore Police Force in an islandwide crackdown on loanshark-related activities.

Sixty-three men and 32 women aged between 20 and 65 were arrested by the police in simultaneous raids around Singapore from 22 to 24 January.

According to preliminary investigations, 12 suspects are believed to be runners who carried out bank transfers on behalf of loansharks. Three suspects allegedly carried out acts of harassment.

The majority of the suspects allegedly opened bank accounts and gave their ATM cards and Personal Identification Numbers to loansharks in order to facilitate unlicensed moneylending businesses.

Police investigations are ongoing.

First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, be jailed for a term of up to four years and can be given up to six strokes of the cane.

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 a jail term of up to five years, a fine of between $5,000 and $50,000, and can be given between three and six strokes of the cane.

Any person found guilty of providing false contact information to obtain loans from loansharks can be jailed up to 12 months.

More Singapore stories

Teenage boy dies after fall from 12th floor at HDB sky garden

Confidence in govt, rail operators positive despite major incidents: Public Transport Council