Police probe 93 people for involvement in unlicensed moneylending
SINGAPORE - A total of 93 people, aged between 13 and 67, are being investigated by the police for their suspected involvement in unlicensed moneylending activities.
Their alleged involvement in such activities was uncovered by the police during a week-long operation from July 9 to July 15 by officers from the Criminal Investigation Department (CID) and the seven Police Land Divisions, the police said in a statement on July 17.
Preliminary investigations revealed that one person had operated as an unlicensed moneylender and seven people had allegedly harassed debtors at their residence.
Forty-three people are believed to be runners who had assisted in unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.
The remaining 42 individuals are believed to have opened bank accounts and provided their ATM cards and personal identification numbers or internet banking tokens to unlicensed money lenders.
Investigations are ongoing.
Under the Moneylenders Act 2008, a person whose bank account, ATM card or internet banking token is used to facilitate moneylending by an unlicensed moneylender is presumed to have assisted in carrying on the business of unlicensed moneylending.
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First time offenders may face a jail term of up to four years, a fine of at least $30,000 and a maximum sum of $300,000 and up to six strokes of the cane.
First-time offenders found guilty of acting on behalf of unlicensed moneylenders to commit or attempt to commit any acts of harassment may face a jail term of up to five years, a fine of between $5,000 and $50,000, and between three and six strokes of the cane.
Unlicensed moneylenders will to hesitate to carry out dangerous acts of harassment on borrowers and their families, said the police. This includes setting fire to or splashing paint on their residences and locking the gates using chains or bicycle locks to confine the occupants.
The police advised the public to steer clear from unlicensed moneylenders and to not work with or assist them in any way.
Foreigners found to have borrowed from or convicted for aiding unlicensed moneylenders will have additionally have their student or work passes cancelled and will be deported from Singapore, they added.
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