During an operation conducted by the police from Jan 18 to Feb 7, 316 people aged 13 to 71 were caught with the involvement of loanshark related activities.
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After some investigations did by the Singapore Police Force (SPF), 33 of the suspects allegedly went to harrassed residences along debtors’ area, 68 suspects were runners who assisted in the transfer of money through ATM.
The items that were seized:
- Mobile Phones
- Prepaid SIM Cards
- cash worth of $52,000
The other suspects remaining were believed to have open bank accounts and provided the loansharks their ATM card to use.
According to the police:
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- “First-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending shall be punished with a fine between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of up to six strokes.”
- “First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with a fine of between $5,000 and $50,000, be imprisoned for a term of up to five years, and shall also be liable to be punished with caning between three and six strokes.”
