92 people, including 19-year-old, probed for unlicensed moneylending activities

A total of 92 people aged between 19 and 79 are under police investigation for their suspected involvement in unlicensed moneylending activities.

In a media release on Friday (March 6), the police said they conducted an islandwide unlicensed moneylending suppression operation from Feb 25 to March 3.

Eight among the 92 people nabbed had allegedly harassed debtors at their residence, while 26 are believed to be "runners" that carried out ATM transfers.

The remaining 58 people are suspected of opening bank accounts and handing over their ATM cards, Personal Identification Numbers  and/or internet Banking tokens to unlicensed moneylenders.

Under the Moneylenders Act 2008, a person 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 may face a jail-term of up to four years, a fine of at least $30,000 and a maximum sum of $300,000 and up to six strokes of the cane.

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, caning of between three and six strokes.

The police said they will continue to take tough enforcement actions against those involved in helping unlicensed moneylending syndicates, including youths.

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