15-year-old among 69 under investigation for suspected loanshark activities

A 15-year-old is among 69 persons being investigated by the police for their alleged involvement in unlicensed moneylending activities. 

Police said in a news release on Thursday (July 9) that they conducted an islandwide enforcement operation from July 1 to 7.

The operation saw officers from the Criminal Investigation Department and the seven police land divisions conduct raids across Singapore.

Preliminary investigations revealed that nine persons had harassed debtors at their residences, while 15 others were runners who had assisted in unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.

Also under investigation are 36 individuals who are believed to have opened bank accounts and provided their ATM cards, personal identification numbers as well as internet banking tokens to unlicensed moneylenders to facilitate their illegal operations.

The remaining nine persons, comprising six women and three men, aged between 18 and 67, are under investigation for their suspected involvement in cross-border unlicensed moneylending activities, after the police acted on information provided by their Malaysian counterpart.

According to the police, they are believed to have provided their bank accounts and mobile numbers to unlicensed moneylenders and are linked to unlicensed moneylending-related reports in both Malaysia and Singapore.

Police investigations against all 69 individuals are ongoing.

If found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment, the five suspects may be jailed for up to five years, fined between $5,000 and $50,000, and receive three to six strokes of the cane.

Those found guilty of facilitating moneylending by an unlicensed moneylender using a bank account, ATM card or internet banking token face a jail term of up to four years, a fine between $30,000 and $300,000, and up to six strokes of the cane. 

Additionally, those who allow their bank accounts to be used by unlicensed moneylending syndicates for illicit transactions may face prosecution and a ban from using ATM and internet banking facilities for a year.

The police also advised members of the public to stay away from unlicensed moneylenders and avoid working for or assisting them in any way. 

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