14-year-old among 80 people under probe for unlicensed moneylending offences

Eighty people aged between 14 and 72 are under investigation for their alleged involvement in unlicensed moneylending activities, the police said on Thursday (Feb 5).

They were arrested during a five-day operation from Jan 26 to 30, when officers from the Criminal Investigation Department and seven police land divisions carried out raids island-wide.

The police said that preliminary investigations found that seven people had allegedly harassed debtors at their homes, while another 32 were believed to be runners who carried out ATM transfers as part of unlicensed moneylending activities.

The remaining 41 people allegedly opened bank accounts and provided their ATM cards, personal identification numbers or internet banking tokens to unlicensed moneylenders.

Investigations against them are ongoing, said the police.

If found guilty, first-time offenders face a jail term of up to four years, fined between $30,000 and $300,000, and up to six strokes of the cane.

First-time offenders found guilty of harassing or attempting to harass a person on behalf of an unlicensed moneylender can be jailed up to five years, fined between $50,000 and $50,000, and caned between three and six strokes.

Foreigners who are caught borrowing from, or aiding unlicensed moneylenders, can have their student or work passes cancelled and deported from Singapore.

Anyone who opens or gives away their bank accounts to unlicensed moneylenders can face prosecution and barred from using ATM and internet banking facilities for a year, according to the police.

"Participation in unlicensed moneylending activities, no matter how young the participant, will be dealt with firmly in accordance with the law," said the police.

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chingshijie@asiaone.com