Six men and one woman, ages 34 to 69, are being investigated by the police for their alleged role in supporting an unlawful moneylending syndicate.
Officers from the Criminal Investigation Department launched simultaneous raids at numerous sites around the island on the 13th and 14th of January 2022, arresting seven people for allegedly helping an illegal moneylending ring.
One of them, a 44-year-old male, allegedly managed a money-changing firm in Singapore and is suspected of assisting the group in transferring unlawful gains. Four males, aged 37 to 69, are thought to be runners who supported the gang by doing ATM transfers.
The group is believed to have taken over the bank accounts of a 58-year-old woman and a 34-year-old man.
Cash totaling more than $225,000, several ATM cards, internet banking tokens, mobile phones, bank transaction records, and prepaid SIM cards were confiscated as case evidence during the investigation.
Penalties:
First-time offenders found guilty of carrying on or helping in an unlawful moneylending business under the Moneylenders Act 2008 face up to four years in jail, a fine of between $30,000 and $300,000, and up to six strokes of caning.
Members of the 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. All information provided will be kept confidential.