GEIS-新闻详情

119 people under probe for suspected roles in unlicensed moneylending

2024-01-24 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE – A total of 119 people aged between 17 and 72 are being investigated for their suspected involvement in unlicensed moneylending activities.

This followed a five-day islandwide operation from Jan 15 to 19 by officers from the Criminal Investigation Department and the seven police divisions, the police said in a statement on Jan 24.

Preliminary investigations show that 11 people had allegedly caused harassment at debtors’ residences, and 35 people are believed to be runners who had helped unlicensed moneylending businesses carry out ATM transfers.

The remaining 73 individuals are believed to have opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to unlicensed moneylenders to facilitate their businesses.

Investigations are ongoing, said the police.

Under the Moneylenders’ Act, when a bank account, ATM card or Internet banking token of any person is used to facilitate unlicensed moneylending, that person is presumed to have helped the process.

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

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Those found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment can be jailed for up to five years, fined between $5,000 and $50,000, and punished with three to six strokes of the cane.

“The police 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,” the statement said.

“This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.”

Unlicensed moneylenders are increasingly using text messaging or online platforms to send unsolicited loan advertisements, the police added.

Members of the public are reminded not to reply or respond to such advertisements and to report these messages as spam.

They are also advised to stay away from unlicensed moneylenders and not to work with or assist them in any way.

The public can call 999 or the X-Ah Long hotline on 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.