Police investigating 76 people, including 17-year-old, for unlicensed moneylending activities

The police are investigating 76 individuals for their suspected involvement in unlicensed moneylending activities following a five-day operation that ended on Nov 28. 

The operation, which began on Nov 24, saw officers from the Criminal Investigation Department and the seven police land divisions conduct raids across Singapore. 

Among the 76 people investigated, the oldest is 66, while the youngest is 17.

Preliminary investigations revealed that five persons had allegedly harassed debtors at their residences.

Also under investigation are 30 individuals believed to have acted as runners, assisting in unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.

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

Police investigations against all 76 individuals are ongoing.

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

Those found guilty of facilitating moneylending by an unlicensed moneylender using a bank account, ATM card or internet banking token face a jail term of up to four years, a fine between $30,000 and $300,000, and up to six strokes of the cane. 

Additionally, those who allow their bank account to be used by unlicensed moneylending syndicates for transactions may face prosecution and a ban from using ATM and internet banking facilities for a year.

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

They added that foreigners found to have borrowed from or who are convicted for aiding unlicensed moneylenders may also have their student or work passes cancelled and be subsequently deported from Singapore.

[[nid:690556]]

editor@asiaone.com