SINGAPORE, Nov 11 — A 16-year-old is among 91 people being investigated by police for suspected links to unlicensed moneylending syndicates following a series of raids across Singapore, AsiaOne reported yesterday.
The suspects, aged between 16 and 77, were rounded up during an islandwide operation conducted from October 27 to 31 by officers from the Criminal Investigation Department and Police land divisions.
According to AsiaOne, preliminary investigations revealed that 10 of those arrested had allegedly harassed debtors at their homes, while 29 others are believed to have helped the syndicates by performing ATM transfers.
The remaining 52 are suspected of facilitating the illegal lending business by opening bank accounts or handing over their ATM cards, PINs, or Internet banking tokens.
Police said investigations into all 91 individuals are ongoing.
Under Singapore’s Moneylenders Act, anyone whose bank account or digital banking tools are used to aid illegal moneylending is presumed to have assisted in carrying out the business.
First-time offenders face up to four years in jail, fines between S$30,000 (RM95,745) and S$300,000, and up to six strokes of the cane.
Those found guilty of acting on behalf of unlicensed moneylenders to harass debtors face up to five years’ imprisonment, fines of S$5,000 to S$50,000, and three to six strokes of the cane.
Foreigners caught borrowing from or assisting unlicensed moneylenders risk losing their work or student passes and deportation, police added.
