16-year-old among 91 investigated for unlicensed moneylending activities; more than half allegedly money mules

A total of 91 individuals are being investigated for their suspected involvement in unlicensed moneylending activities, with more than half of them alleged to be money mules.

The suspects, aged between 16 and 77, are being probed following an operation that took place from Oct 27 to 31 — during which officers from the Criminal Investigation Department and Police land divisions conducted raids islandwide, said the police on Monday (Nov 10).

Preliminary investigations revealed that 10 of these people had allegedly harassed debtors at their residences, while 29 of them are believed to have assisted in unlicensed moneylending activities by carrying out ATM transfers.

The remaining 52 individuals are suspected to have facilitated unlicensed moneylending activity by opening bank accounts as well as providing their ATM cards, Personal Identification Numbers and/or Internet Banking tokens.

Investigations against all 91 individuals are ongoing.

Under the Moneylenders Act, when a bank account, ATM card or Internet Banking token of any person is used to facilitate activities by an unlicensed moneylender, that person is presumed to have assisted in carrying on the business of unlicensed moneylending.

First-time offenders face a punishment of up to four years' jail, a fine of not less than $30,000 and not more than $300,000, and up to six strokes of the cane.

First-time offenders found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment shall be punished with a jail term of up to five years, a fine ranging from $5,000 to $50,000 and three to six strokes of the cane.

Foreigners found to have borrowed from or convicted for aiding the unlicensed moneylenders will also have their student or work passes cancelled and subsequently deported from Singapore, said the police.

They encouraged members of the public who suspect or know of anyone that could be involved in unlicensed moneylending activities to call the Police Hotline at 1800-255-0000 or submit information at www.police.gov.sg/i-witness.

All the information provided will be kept confidential.

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bhavya.rawat@asiaone.com