The Police have arrested three men, aged between 22 and 26, for their suspected involvement in assisting in the businesses of unlicensed moneylending syndicates.
On 29 November 2023, officers from the Criminal Investigation Department and Police Intelligence Department conducted simultaneous raids at several locations island-wide and arrested the three men for assisting several unlicensed moneylending syndicates. They are believed to have facilitated the activities of the unlicensed moneylending syndicates by sending out unsolicited SMSes, using Singapore-registered mobile numbers, to offer loans from unlicensed moneylenders.
Preliminary investigations revealed that during the period from 1 September 2023 to 6 November 2023, the three men had sent about 50,000 to 150,000 SMSes daily on behalf of the unlicensed moneylending syndicates to random Singapore-registered mobile numbers. A laptop, a modem pool, mobile phones and more than 600 SIM cards were seized from the three men during the operation.
Two of the three men will be charged in court on 1 December 2023. Police investigations against the third man are ongoing.
Under the Moneylenders Act 2008, first-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending shall be punished with imprisonment term of up to four years, a fine of not less than $30,000 and not more than $300,000, and caning of not more than six strokes.
The Police will continue to take tough enforcement actions against those involved in the unlicensed moneylending business, regardless of their roles, and ensure that they face the full brunt of the law.
Members of public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way. The public can call the Police at ‘999’ or the X-Ah-Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.