12-year-old among 189 being probed over unlicensed moneylending acts

A total of 189 people, aged between 12 and 78, are being investigated for their involvement in unlicensed moneylending activities, including harassing victims at their residences.

The police conducted raids islandwide during a two-week anti-unlicensed moneylending operation between Nov 22 and Dec 3.

In a statement yesterday, the police said preliminary investigations showed 16 suspects had allegedly harassed victims at their residences, while 37 suspects are believed to be runners who had helped unlicensed moneylending businesses carry out automated teller machine (ATM) transfers.

One suspect is also believed to have provided false contact information to an unlicensed moneylender, leading to the harassment of a person who is not the suspect.

The other 135 suspects are believed to have opened bank accounts and given unlicensed moneylenders their ATM cards, personal identification numbers and Internet banking tokens.

Under the Moneylenders' Act, when a bank account, ATM card or Internet banking token of any person is used to facilitate unlicensed moneylending, that person is presumed to have helped the process.

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Investigations against all the suspects are ongoing.

First-time offenders found guilty of assisting in an unlicensed moneylending business can be jailed for up to four years, fined between $30,000 and $300,000, and given up to six strokes of the cane.

First-time offenders found guilty of committing or attempting to commit any acts of harassment on behalf of an unlicensed moneylender can be fined between $5,000 and $50,000, jailed for up to five years, and punished with caning of between three and six strokes.

Those found guilty of providing false contact information to obtain loans from unlicensed moneylenders can also be jailed for up to 12 months.

The police said unlicensed moneylenders are increasingly using text messaging or online platforms to send unsolicited loan advertisements.

The public can call the police on 999 or the X-Ah Long hotline on 1800-924-5664 if they suspect or know of anyone involved in unlicensed moneylending activities. - THE STRAITS TIMES