The Singapore Police Force said in a statement on Facebook earlier today that they have arrested 17 men and a woman for their alleged involvement in loanshark activities.
The police conducted raids at multiple locations across Singapore on 26 and 27 April and seized more than $146,000 in cash, mobile phones, ATM cards, SIM cards and a computer.
23 bank accounts which were believed to have been used by the syndicate members were also frozen.
According to the police’s preliminary investigations, the 18 arrested people were allegedly involved in various roles in the loanshark syndicate.
At the time of writing, police investigations against those arrested are underway.
Singapore Police Force’s statement
𝟭𝟴 𝗣𝗘𝗥𝗦𝗢𝗡𝗦 𝗔𝗥𝗥𝗘𝗦𝗧𝗘𝗗 𝗙𝗢𝗥 𝗟𝗢𝗔𝗡𝗦𝗛𝗔𝗥𝗞𝗜𝗡𝗚 𝗔𝗖𝗧𝗜𝗩𝗜𝗧𝗜𝗘𝗦
The Police have arrested 17 men and one woman, aged between 34 and 61, for their suspected involvement in loansharking activities.
In an island-wide operation conducted on 26 and 27 April 2023, the Police mounted simultaneous raids at multiple locations.
During the operation, cash amounting to more than $146,000, mobile phones, SIM cards, Automated Teller Machine (ATM) cards and a Personal Computer (PC) were seized. The Police also froze 23 bank accounts believed to have been used by the syndicate members.
Preliminary investigations revealed that the 18 persons were allegedly involved in various roles within the loansharking syndicate, such as carrying out ATM transfers, collecting and handing over cash, couriering, and illegally remitting criminal proceeds overseas.
Investigations against all the persons are ongoing.
The Police take a serious view against those involved in unlawful acts such as unlicensed moneylending activities and will continue to take tough enforcement action against those involved in the unlicensed moneylending business, regardless of their roles, and ensure that they face the full brunt of the law. This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.