78-year-old among suspects under probe for illegal moneylending
A 78-year-old is among 165 people being investigated by the police for suspected illegal moneylending activities.
In a statement on Monday, the police said the suspects – aged between 17 and 78 – had been rounded up during an operation conducted between Feb 20 and 24.
During that period, officers from the Criminal Investigation Department and the seven police land divisions conducted simultaneous raids islandwide.
Eleven of the suspects had allegedly committed acts of harassment at debtors’ homes. These included splashing paint at the doors and sending threatening messages.
A separate group, comprising 57 people, are believed to be runners who had assisted in unlicensed moneylending businesses by conducting automated teller machine (ATM) transfers.
Another suspect allegedly assisted unlicensed moneylenders by subscribing to mobile lines, with yet another allegedly carrying on an unlicensed moneylending business.
The remaining 95 are believed to have opened bank accounts and provided their ATM cards, personal identification numbers and, in some cases, their Internet banking tokens, to illegal moneylenders.
Investigations against the suspects are ongoing.
First-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending can be jailed for up to four years, fined between $30,000 and $300,000, and caned up to six strokes.
First-time offenders who committed or attempted 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 caned between three and six strokes.
Stressing that individuals involved in unlicensed moneylending businesses would be taken to task regardless of their roles, the police said they will continue to take tough enforcement action.
In January, the police rounded up 106 suspects following a similar operation between Jan 9 and Jan 13, with the youngest being a 13-year-old.
Advising the public to avoid unlicensed moneylenders, they reiterated that individuals should not work with or assist them in any way.
The police also warned against the growing propensity of unlicensed moneylenders using text messaging or online platforms to send unsolicited loan advertisements.
Such messages should be reported as spam, and the public should not reply or respond to these advertisements, they added.
If they suspect or know of anyone who could be involved in unlicensed moneylending activities, members of the public can call the police at 999 or the X-Ah Long hotline at 1800-924-5664.
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