SINGAPORE: Police said on Sunday (October 31) that a 16-year-old was among 203 people questioned for their alleged involvement in unauthorized money lending activities.
Officers from the Criminal Investigation Department and seven police land divisions carried out sweeps across the island during a two-week operation from October 18 to October 29.
Police said in a news release that an investigation into all the suspects, who range in age from 16 to 71, is ongoing.
As a result of the preliminary investigation, it was determined that the 48 suspects were believed to be runners who facilitated unauthorized money lending operations through ATM transfers and other means.
Another 11 people are believed to have harassed debtors at their homes.
The remaining 144 suspects allegedly opened bank accounts with unlicensed money lenders and provided them with ATM cards, personal identification numbers (PINs), and internet banking tokens to facilitate their operations.
“According to the Money Lending Business Law (revised in 2010), if a person's bank account, ATM card, or internet banking token is used to facilitate money lending by an unlicensed money lender, that person shall It is presumed that he aided in the execution of the crime,'' police said.
If found guilty of continuing or abetting an unauthorized moneylending business, first-time offenders face up to four years' imprisonment, a fine of between S$30,000 and S$300,000, and up to six lashes of the cane. There is a possibility.
If convicted of committing or attempting to commit acts of harassment on behalf of an unauthorized moneylender, a first offense will result in imprisonment of up to five years, a fine of S$5,000 to S$50,000, and three to six offenses. may be punished with caning.
Police said they will continue to crack down on those involved in unlicensed money lending, regardless of their role. This includes anyone who opens or transfers bank accounts to assist unauthorized money lenders.
“Unauthorized lenders are increasingly using text messages and online platforms to send unsolicited loan advertisements,” they said.
The public was warned not to reply or respond to such ads and to report these messages as spam.
