In a recent crackdown on unlicensed moneylending activities, the Singapore Police Force has initiated investigations against 122 individuals, aged between 15 and 76 years old.
The operation, which took place over seven days from March 22 to 28, 2024, involved officers from the Criminal Investigation Department and the seven Police land divisions.
Suspects acted as harassers, runners and provided bank accounts in the operation
Preliminary investigations suggest that 17 of the individuals were involved in harassment at debtors’ residences, while 45 others are believed to have acted as runners, facilitating unlicensed moneylending businesses through Automated Teller Machine (ATM) transfers.
The remaining 60 individuals are suspected of providing their bank accounts, Personal Identification Numbers (PINs), and/or Internet Banking tokens to unlicensed moneylenders to aid their businesses.
As long as you are involved in any way, you sure kena
The Moneylenders Act 2008 stipulates that anyone whose bank account, ATM card, or Internet Banking token is used to facilitate unlicensed moneylending is presumed to have assisted in the business.
First-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending can face imprisonment for up to four years, a fine of between $30,000 and $300,000, and caning of up to six strokes.
Those found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit harassment can face imprisonment for up to five years, a fine of between $5,000 and $50,000, and caning of between three and six strokes.
Don’t play play with the law
The Police have warned that they will continue to take strict action against anyone involved in unlicensed moneylending, regardless of their role, and ensure that they face the full extent of the law.
This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.
Unlicensed moneylenders are known to engage in dangerous and persistent harassment acts, such as setting fire and splashing paint at residences, and locking gates using chains or bicycle locks to confine occupants.
Report them
The public is advised to avoid engaging with unlicensed moneylenders and to report any suspected or known unlicensed moneylending activities to the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664.
The Police remain committed to maintaining law and order and ensuring the safety and security of all residents in Singapore.