8 men & 3 women, aged 18-77, arrested in S’pore for suspected involvement in assisting unlicensed moneylending syndicate

Eight men and three women, aged between 18 and 77, were arrested for suspected involvement in assisting an unlicensed moneylending syndicate.

Six men will be charged on Aug. 13.

Operation

On Aug. 12, more than 100 officers from the Criminal Investigation Department, Police Intelligence Department and Special Operations Command conducted an island-wide enforcement operation involving simultaneous raids at multiple locations.

Those believed to be involved in an unlicensed moneylending syndicate, as well as errant mobile phone retailers suspected of fraudulently registering postpaid SIM cards that were subsequently used by the syndicate for unlicensed moneylending activities, were targeted during the operation.

Preliminary investigations revealed that 11 persons allegedly assisted the syndicate in various capacities.

The capacities included sending bulk SMS advertisements offering “fast cash” and “easy loans” using Singapore-registered mobile lines, topping up these mobile numbers to facilitate the messaging activities, acting as runners, and providing their bank accounts to facilitate unlicensed moneylending transactions.

The syndicate is believed to be responsible for at least 25,500 ScamShield reports and at least 1,509 police reports.

A total of 883 of the reports were related to unlicensed moneylending.

During the operation, more than S$410,000 in cash, two laptops, 22 mobile phones, 14 SIM cards and 24 bank cards were seized.

A total of 29 bank accounts linked to the syndicate, with a combined balance of more than S$106,000, were also frozen.

Cryptocurrencies valued at more than US$25,000 (S$32,014) were also seized.

Charged

Six men, aged between 26 and 29, will be charged with an offence under the Moneylenders Act 2008.

One of them was also apparently found in possession of more than 300 vaporisers and related components.

Most of the items seized are suspected to be vaporiser pods that contain etomidate.

He is assisting the Health Sciences Authority (HSA) with investigations under the Tobacco and Vaporisers Control Act 1993.

The vaporisers have been sent for testing.

Investigations into the other five persons suspected of assisting the syndicate are ongoing.

Following the raids, another five men, aged between 20 and 52, were identified and are assisting with investigations into their suspected roles in the fraudulent registration of SIM cards, which were subsequently used by the syndicate to send bulk SMS advertisements promoting loan services.

Punishments

First-time offenders convicted of carrying on or assisting in the business of unlicensed moneylending are liable to a jail term of up to four years, a fine of not less than S$30,000 and up to S$300,000, and caning of not more than six strokes.

Those convicted of facilitating the fraudulent registration of a SIM card that facilitates criminal activity are liable to a fine up to S$10,000, a jail term of up to three years, or both.

The individual shall also be liable to caning of up to 12 strokes.

The police reminded members of the public that vaporisers are illegal in Singapore.

It is an offence to import, distribute, sell, offer for sale or possess for sale vaporisers and their components, tobacco products or imitation tobacco products containing specified psychoactive substances including etomidate, in Singapore.

Convicted importers are liable to three to 20 years’ jail and five to 15 strokes of the cane, while convicted suppliers are liable to face two to 10 years’ jail and two to five strokes of the cane.

Members of the public can call the police hotline at 1800-225-0000, or submit information online at www.police.gov.sg/i-witness if they suspect or know of anyone who could be involved in unlicensed moneylending activities.

All information provided will be kept confidential.