Eleven people, comprising eight men and three women aged between 18 and 77, have been arrested in Singapore for their alleged involvement in an unlicensed moneylending syndicate.
The arrests followed an islandwide enforcement operation involving more than 100 officers from the Singapore Police Force’s Criminal Investigation Department, Police Intelligence Department and Special Operations Command.
Six men, aged between 26 and 29, are expected to face charges under the Moneylenders Act 2008.
Police said the syndicate is believed to have been linked to at least 25,500 ScamShield reports and 1,509 police reports, including 883 reports concerning suspected unlicensed moneylending activities.
Islandwide raids target loan syndicate
The enforcement operation was carried out on Aug. 12, with officers conducting simultaneous raids at multiple locations across Singapore.
Investigators targeted individuals suspected of assisting the unlicensed moneylending operation, as well as mobile phone retailers allegedly involved in the fraudulent registration of postpaid SIM cards.
According to preliminary investigations, the 11 arrested individuals allegedly played different roles in supporting the syndicate.
Some were allegedly involved in sending bulk SMS messages advertising “fast cash” and “easy loans” using Singapore-registered mobile numbers.
Others allegedly topped up the mobile lines to allow the messaging activity to continue, acted as runners or provided bank accounts that were used to facilitate suspected illegal lending transactions.
More than S$410,000 in cash seized
Police seized more than S$410,000 in cash during the operation, together with two laptops, 22 mobile phones, 14 SIM cards and 24 bank cards.
Authorities also froze 29 bank accounts believed to be connected to the syndicate. The accounts had a combined balance exceeding S$106,000.
Cryptocurrency valued at more than US$25,000, equivalent to about S$32,000, was also seized.
The scale of the operation highlights the increasingly complex methods allegedly used by unlicensed moneylenders to reach potential borrowers, including bulk SMS campaigns and the use of multiple bank and mobile accounts.
One suspect allegedly had more than 300 vaporisers
One of the six men due to be charged was also allegedly found with more than 300 vaporisers and related components.
Police said most of the seized items are suspected to be vaporiser pods containing etomidate. The items have been sent for testing, while the man is assisting the Health Sciences Authority with investigations under the Tobacco and Vaporisers Control Act 1993.
Authorities also identified another five men, aged between 20 and 52, following the raids. They are assisting with investigations into their suspected involvement in the fraudulent registration of SIM cards.
The SIM cards were allegedly subsequently used by the moneylending syndicate to distribute bulk SMS messages promoting loan services.
Unlicensed moneylending carries heavy penalties
Singapore has strict laws against unlicensed moneylending, commonly associated with loan shark activities.
First-time offenders convicted of carrying on or assisting an unlicensed moneylending business can face up to four years’ imprisonment, a fine ranging from S$30,000 to S$300,000, and up to six strokes of the cane.
Those convicted of facilitating the fraudulent registration of a SIM card for criminal activity can face a fine of up to S$10,000, imprisonment of up to three years, or both. Caning of up to 12 strokes may also apply.
Police also reminded the public that vaporisers are illegal in Singapore. Individuals convicted of importing vaporisers or related products containing specified psychoactive substances such as etomidate can face lengthy prison sentences and caning, depending on the offence.
Members of the public who have information about suspected unlicensed moneylending activities can report it to the police.
The latest arrests come as Singapore authorities continue to target the networks and financial infrastructure used to facilitate illegal lending and related scam activities.