SINGAPORE, July 9 — Singapore police are investigating 69 individuals, including a 15 year old, for suspected involvement in unlicensed moneylending following islandwide raids earlier this month.
The suspects, aged between 15 and 76, were picked up during a seven day operation from July 1 to 7 conducted by officers from the Criminal Investigation Department and the seven police land divisions.
Preliminary findings showed nine individuals had harassed debtors at their homes, while 15 acted as runners by carrying out ATM transfers. Another 36 are believed to have opened bank accounts and handed over ATM cards, PINs or internet banking tokens to facilitate illegal lending.
Acting on information from Malaysian counterparts, police are also probing nine others, aged 18 to 67, for suspected cross border moneylending. The group, comprising three men and six women, allegedly provided mobile numbers and bank accounts to unlicensed lenders operating in both Malaysia and Singapore.
Authorities stressed that supplying phone lines, bank accounts, ATM cards or internet banking tokens to aid unlicensed lenders amounts to carrying on or assisting in such operations.
Under Singapore law, first time offenders convicted of carrying on or assisting in unlicensed moneylending face up to four years’ jail, fines ranging from S$30,000 to S$300,000, and up to six strokes of the cane. Those found guilty of harassment on behalf of unlicensed lenders risk up to five years’ imprisonment, fines between S$5,000 and S$50,000, and three to six strokes of the cane.
