S'pore police investigating 77 persons for illegal moneylending activities after 5-day operation

The Singapore Police Force (SPF) is investigating 77 persons for unlicensed moneylending activities following an enforcement operation from Sep. 21 to 25.

In a press release on Oct. 6, the SPF stated that the five-day operation was carried out by the Criminal Investigation Department (CID) and seven Police Land Divisions (PLD) islandwide.

According to preliminary investigations, of the 77 persons, seven had harassed debtors at their houses, and 38 were runners who assisted in unlicensed moneylending by carrying out ATM transfers.

Another 32 had opened bank accounts and provided access, such as through ATM cards, giving their PIN numbers or internet banking tokens, to unlicensed moneylenders.

All 77 persons are currently being investigated.

Penalties

Under the Moneylenders Act 2008, if a phone line, bank account, ATM card or internet banking token of any person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in unlicensed moneylending.

First-time offenders can receive up to four years' imprisonment, a fine of not less than S$30,000 and not more than S$300,000, and up to six strokes of the cane.

For those found guilty of committing or attempting harassment on behalf of an unlicensed moneylender, first-time offenders can be meted up to five years' imprisonment, a fine of not less than S$5,000 and not more than S$50,000, and between three to six strokes of the cane.

Those that allow their bank accounts to be used by unlicensed moneylenders may also be barred from using ATM and internet banking facilities for a year.

Foreigners who borrow from or aid unlicensed moneylenders will have their student or work passes revoked and be deported from Singapore after their sentence.

Enforcement action

The Police said that it will continue taking enforcement actions against those who assist unlicensed moneylending syndicates.

It also urged the public to avoid unlicensed moneylenders and to refrain from working with or assisting them in any way.

Such moneylenders are known to persistently and dangerously harass borrowers and their families, such as through setting fires, splashing paints at their homes, and using chains or bicycle locks to lock gates and confine occupants.

Members of the public can call the Police hotline at 1800-255-0000 or go to 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.