SINGAPORE – Police said on Sunday (October 31) more than 200 people aged between 16 and 71 are being investigated for their involvement in unauthorized money lending activities.
This came after officers from the Criminal Investigation Department and seven land divisions of the police raided areas around the island in a two-week blitzkrieg operation from October 18 to last Friday.
According to a preliminary investigation, 48 of the 203 suspects are believed to be loan sharks who helped make money transfers from automated teller machines (ATMs).
A further 11 suspects are believed to have harassed debtors at their homes.
The remaining 144 suspects are believed to have opened bank accounts with unlicensed money lenders and provided them with ATM cards, personal identification numbers and internet banking tokens to facilitate their operations, police said.
Investigations into all 203 suspects are ongoing.
According to police, if a person's bank account, bank card or internet banking token is used to facilitate unauthorized money lending, that person is considered to have aided and abetted the conduct of unauthorized money lending.
A first-time offender who continues or aids in an unlicensed money lending business can be sentenced to up to four years in prison, a fine of $30,000 to $300,000, and up to six lashes of the cane.
Anyone found guilty of committing or attempting to commit harassment on behalf of an unlicensed moneylender faces up to five years in prison, a fine of $5,000 to $50,000, and three to six lashes of the cane. may be punished.
Police also warned the public not to reply or respond to loan sharks who use text messages and online platforms to send unsolicited loan advertisements.
Police said the public should report these messages as spam.
He added, “The police will continue to crack down on those involved in unlicensed money lending, regardless of their role, and will ensure that they face the full brunt of the law.''
“This includes taking action against those who open or transfer bank accounts to support unauthorized money lenders.”
