124 people under investigation following islandwide police raids in October
Singapore authorities are investigating 124 individuals, aged between 17 and 69, for their suspected involvement in unlicensed moneylending. The investigation follows a series of coordinated police raids conducted between October 19 and 25, led by officers from the Criminal Investigation Department and seven police land divisions.
Preliminary findings revealed that eight of the suspects allegedly harassed debtors at their homes, while 41 individuals are suspected of being runners who facilitated ATM transfers for illegal moneylending businesses. Additionally, 75 others are believed to have opened bank accounts and provided their ATM cards, PINs, or Internet banking tokens to assist unlicensed moneylenders.
The police clarified that anyone whose bank account or ATM details are used for illegal moneylending activities can be presumed to have assisted in the operation. Those found guilty of participating in or aiding an unlicensed moneylending business face severe penalties, including imprisonment for up to four years, fines ranging from $30,000 to $300,000, and corporal punishment. Those involved in harassment on behalf of unlicensed moneylenders can face even stricter sentences.
The authorities have warned the public about unsolicited loan advertisements, particularly those sent through text messages or online platforms. Citizens are encouraged not to engage with such offers and to report them as spam. Anyone suspecting involvement in unlicensed moneylending activities can contact the police or use the X-Ah Long hotline.
