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The Singapore police are investigating 129 persons, aged 15 to 71, for their suspected involvement in unlicensed moneylending activities.

The week-long anti-unlicensed moneylending island-wide raids were conducted simultaneously between Oct. 25 and 31, 2022 and involved officers from the Criminal Investigation Department (CID) and the seven police land divisions.

Investigation findings

Initial investigations revealed that seven people had allegedly harassed debtors at their residences.

Another 46 more people, suspected to be runners, assisted in the unlicensed moneylending business by carrying out automated teller machine (ATM) transfers.

One person had assisted the unlicensed moneylenders in their business by subscribing to mobile lines.

The remaining 75 people are suspected to have opened bank accounts and provided their ATM cards, personal identification numbers (PINs) and/ or internet banking tokens to unlicensed moneylenders to facilitate their illegal dealings.

Investigations are still ongoing.

Penalties

The offence of carrying on or assisting in a business of unlicensed moneylending carries a jail term of up to four years, a fine between S$30,000 and S$300,000, and caning of up to six strokes.

The offence of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment carries a jail term of up to five years, a fine between S$5,000 and S$50,000, and caning between three and six strokes.

The police said they will continue to take tough enforcement action against those involved in the unlicensed moneylending business, regardless of their roles.

This would include taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.

Members of the public are reminded not to reply or respond to unlicensed moneylending advertisements and to report these messages as spam.

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

The public can call the police at "999" or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.

Top photo via Singapore Police Force