219 people, ranging in age from 16 to 69, are being investigated by the police for their alleged involvement in unlawful money lending.
Officers from the Criminal Investigation Department and the seven Police land divisions conducted simultaneous searches around the island during a two-week anti-unlicensed moneylending operation that took place between August 23 and September 3, 2021.
According to preliminary investigations, 11 suspects are suspected of harassing debtors at their homes.
-63 suspects are suspected of being runners who assisted in unlicensed moneylending businesses by performing ATM transfers
-Two suspects are suspected of assisting in unlicensed moneylending businesses by registering for mobile lines.
Selling of ATM accounts for Loanshark transactions
The remaining 143 suspects are believed to have opened bank accounts and provided their ATM cards, Personal Identification Numbers (PINs) and/or Internet Banking tokens to unlicensed moneylenders to facilitate their businesses.
Punishments
- 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 between $30,000 and $300,000, and caning of up to six strokes; and
- First-time offenders found guilty of committing or attempting to commit any acts of harassment on behalf of an unlicensed moneylender shall be punished with imprisonment term of up to five years, a fine of between $5,000 and $50,000, and caning of between three and six strokes.