72 people under police investigation for unlicensed moneylending activities

Some 72 people, aged between 19 and 71, are suspected to be involved in unlicensed moneylending activities, the police said on Wednesday (May 6).

They were identified during island-wide raids conducted as part of an enforcement operation against such activities from April 24 to 30.

Preliminary investigations indicate that five suspects had allegedly harassed debtors at their homes.

Another 20 acted as runners by carrying out ATM transfers for unlicensed lenders, while 47 people allegedly opened bank accounts and handed over their ATM cards, Personal Identification Numbers and/or internet banking tokens.

Police investigations against all 72 are ongoing.

Under the Moneylenders Act 2008, anyone whose bank account, ATM card or internet banking token is used to facilitate unlicensed moneylending is presumed to have assisted in carrying on the business of unlicensed moneylending.

First-time offenders can be jailed for up to four years, fined between $30,000 and $300,000 and caned up to six times.

First-time offenders who are convicted for acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment may be jailed for up to five years, given a fine of $5,000 to $50,000, and caning of between three and six strokes.

The police warned youths against participating in such activities and to not assume that they will be given leniency because of their age.

Firm action will be taken against anyone who deliberately vandalise property, cause annoyance or disrupt public safety, peace and security, they stated.

Anyone who allows their bank accounts to be used by unlicensed moneylending syndicates for transactions may be prosecuted and barred from using ATM and internet banking facilities for a year.

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

Foreigners who borrowed from, or are convicted for aiding the unlicensed moneylenders, will have their passes cancelled and deported from Singapore.

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lim.kewei@asiaone.com