Singapore police have announced that four men and one woman, aged between 26 and 63, will be formally charged in court on 11 July 2025 for their suspected involvement in supporting the operations of an unlicensed moneylending syndicate.
The individuals were apprehended in a major anti-loansharking crackdown that spanned multiple locations across the island. The enforcement operation, which took place on 26 and 27 April 2023, involved coordinated efforts between the Criminal Investigation Department, Police Intelligence Department, and the Special Operations Command.
In a follow-up operation months later, a 38-year-old woman was arrested on 19 September 2023 in connection with the same syndicate. Authorities believe all five played active roles in sustaining the illicit financial operation.
Suspects Allegedly Carried Out ATM Transfers & Cash Dead Drops
Preliminary investigations suggest the suspects acted as runners for the unlicensed moneylending network, performing various tasks to aid in laundering the profits generated from illegal lending. These tasks reportedly included making transfers via ATMs, collecting and redistributing cash, and even moving money across the border to Johor Bahru, Malaysia.
It was further revealed that the syndicate used “dead drops” — where cash is placed in hidden or discreet public locations — to avoid detection and maintain operational secrecy. Runners were allegedly tasked with both making and collecting such deposits, helping to create a complex money trail aimed at evading the authorities.
As part of the probe, police recovered $14,000 in cash and froze an additional $9,300 believed to be tied to the unlicensed moneylending activity.
Harsh Penalties Await If Found Guilty
All five individuals will face charges under the Moneylenders Act 2008. For first-time offenders, the law stipulates a jail term of up to four years, fines ranging from $30,000 to $300,000, and caning of up to six strokes. Repeat offenders face harsher penalties, including up to seven years in prison and up to 12 strokes of the cane.
The Singapore Police Force reiterated its zero-tolerance stance towards illegal moneylending and warned that any form of assistance to such operations — whether through physical or digital means — will result in serious legal consequences.
Public Urged to Steer Clear of Loan Sharks
Authorities are advising members of the public to avoid all dealings with unlicensed moneylenders and to resist any temptation to act as middlemen or runners. Even passive involvement, such as handing over one’s ATM card or transferring funds on behalf of these syndicates, can result in prosecution.
Those with information regarding loansharking activities are strongly urged to report it by calling the police hotline at 999. Taking an active stand against such activities not only protects individuals from potential legal trouble but also helps safeguard the community from the destructive impact of illegal lending.