77 people under probe for illegal moneylending activities
A total of 77 people aged 17 to 71 are being investigated for their suspected involvement in unlicensed moneylending activities.
The police said on Oct 23 that this followed an islandwide operation conducted between Oct 14 and Oct 18.
According to preliminary investigations, 11 people had allegedly harassed debtors at their residences, while 23 people are believed to be runners who had assisted in unlicensed moneylending activities by carrying out ATM transfers.
The other 43 are believed to have opened bank accounts and handed over details of their bank accounts, ATM cards and/or internet banking tokens to be used to facilitate their unlicensed moneylending activities.
The police advised people to avoid unlicensed moneylenders, who “will not hesitate to carry out persistent and dangerous harassment acts on the borrowers and their families”. Such acts include setting fire, splashing paint at residences, and locking the gates using chains or bicycle locks to confine the occupants.
Under the Moneylenders Act, a person whose bank account, ATM card or internet banking token is used to facilitate moneylending by an unlicensed moneylender is presumed to have assisted in unlicensed moneylending business operations.
First-time offenders can be jailed for up to four years, fined between $30,000 and $300,000, and given six strokes of the cane.
Those who commit or attempt to commit any acts of harassment on behalf of an unlicensed moneylender can be jailed for up to five years, fined between $5,000 and $50,000, and given between three and six strokes of the cane for the first offence.
Foreigners guilty of borrowing from unlicensed moneylenders or aiding them will have their student or work passes cancelled and be deported from Singapore.
Anyone with information on those who could be involved in unlicensed moneylending activities can call the police at 999.
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now