SEVEN INVESTIGATED FOR SUSPECTED INVOLVEMENT IN UNLICENSED MONEYLENDING SYNDICATE

The Police are investigating five men and two women, aged between 20 and 74, for their suspected involvement in unlicensed moneylending and loan scam activities.

 

In an operation conducted between 20 and 27 October 2020, officers from the Criminal Investigation Department conducted simultaneous raids at multiple locations island wide. Preliminary investigations suggest that the suspects were responsible for aiding an unlicensed moneylending syndicate move its criminal proceeds. The syndicate is also believed to be responsible for perpetuating unlicensed moneylending and loan scam cases in Singapore.

 

Under the Moneylenders Act (Revised Edition 2010), anyone found guilty of carrying on or assisting in a business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of up to six strokes. The offenders may also be liable for offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act where anyone found guilty of, directly or indirectly, representing another person’s benefits from criminal conduct, converting or transferring that property or removing it from the jurisdiction may be fined up to $500,000 or be imprisoned for a term up to 10 years, or both.

 

The Police will continue to enforce the law against those involved in the loansharking business.

 

Loansharks are increasingly sending unsolicited loan advertisements via text messages or online platforms. Members of the public are reminded not to reply or respond to such advertisements and report the WhatsApp messages as spam. Members of the public are also advised to stay away from loansharks and not work with or assist them in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in loansharking activities.

 

Source: Singapore Police Force