The Police have arrested four men, aged between 41 and 50, for their suspected involvement in assisting the business of an unlicensed moneylending syndicate.
In an operation conducted on 5 July 2022, officers from the Criminal Investigation Department conducted simultaneous raids at multiple locations island-wide.
During the operation, cash amounting to about $37,000, ATM cards, SIM cards and mobile phones were seized as case exhibits.
Three of the men will be charged in court on 7 July 2022 for assisting in the business of unlicensed moneylending under the Moneylenders Act 2008. For first-time offenders, the offence carries an imprisonment term of up to four years, a fine of between $30,000 and $300,000, and caning of up to six strokes. Investigations against the fourth man are still ongoing.
The Police will continue to take tough enforcement action against those involved in the unlicensed moneylending businesses, 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. All information provided will be kept confidential.