Islandwide operation uncovers unlicensed moneylending networks involving individuals aged 17 to 71.
Singaporean authorities have launched investigations into 77 suspects linked to unlicensed moneylending activities following an operation conducted between 14 and 18 October 2024.
Key Findings
Harassment: Eleven individuals allegedly harassed debtors at their residences, employing intimidation tactics such as setting fires, splashing paint, and locking gates with chains or bicycle locks.
Runners: Twenty-three individuals reportedly assisted in illegal operations by performing ATM transfers for the unlicensed moneylenders.
Account Access: Forty-three suspects allegedly opened bank accounts and provided ATM cards, banking details, or internet banking tokens to facilitate these activities.
Legal and Safety Warnings
The Singapore Police Force cautions against engaging with unlicensed moneylenders, who frequently use dangerous and persistent harassment methods against borrowers and their families.
Penalties for Offenders
Under the Moneylenders Act, penalties for aiding unlicensed moneylending include:
First-Time Offenders: Jail terms up to four years, fines ranging from $30,000 to $300,000, and six strokes of the cane.
Harassment on Behalf of Lenders: Jail terms up to five years, fines between $5,000 and $50,000, and three to six strokes of the cane.
Foreign Nationals: Guilty parties risk deportation and cancellation of student or work passes.
Public Assistance
Authorities urge individuals with information on unlicensed moneylending activities to contact the police at 999.
