The Police would like to remind the public to be mindful of the unscrupulous tactics used by unlicensed moneylenders (UML) when they offer illicit loans.
2 On 20 June 2015, the Police have received a report of an unlicensed moneylender directing a 69-year-old prospective borrower to a residential address to collect the loan. When at the said address, he was asked to slip his NRIC under the front door. The prospective borrower did so, but did not get any response despite repeated knocking on the door. He then called for Police assistance to retrieve his NRIC. The address turned out to be that of a 54-year-old debtor who had defaulted on his loan repayments.
3 This is a new method employed by UMLs to use prospective borrowers to harass debtors who had defaulted on payments. Investigations are currently ongoing against the prospective borrower for an offence of harassment by causing annoyance under the Moneylenders Act. Borrowers who commit such acts may be liable for an offence under the Moneylenders Act (Revised Edition 2010). First time offenders found guilty of loanshark harassment shall be punished with imprisonment for a term of up to 5 years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to caning of not less than 3 and not more than 6 strokes.
4 Further investigations revealed that the 54-year-old male Singaporean debtor had also assisted loansharks in their UML activities by opening a bank account for their use. He was subsequently placed under arrest. A first time offender found guilty of assisting loansharks in their unlawful activities may be punished with imprisonment for a term of up to 4 years, a fine of not less than $30,000 and not more than $300,000.
5 Members of public are advised to stay away from unlicensed moneylenders and not to borrow money or assist the unlicensed moneylenders in any way. The public can call the X-Ah-Long Hotline at 1800 – 924 – 5664 if they have any information on anyone who could be involved in illegal loansharking activities or ‘999’ for urgent Police assistance.
SINGAPORE POLICE FORCE
26 June 2015 @ 8:00 PM