The Police have arrested 17 suspects, aged between 24 and 62, in an islandwide anti-loansharking operation that took place between 27 June and 29 June 2016. These 13 men and 4 women are suspected to be involved in loansharking activities.
During the three-day operation, officers from Jurong Division conducted simultaneous raids at multiple locations in Singapore to effect the arrests. Preliminary investigations revealed that 4 suspects are believed to be runners who had assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers. One suspect is believed to be a harasser who had carried out acts of loanshark harassment by sending debtor notes to the unit of debtor at Teck Whye Lane.
The Police also arrested 1 suspect who is believed to have provided false contact information when obtaining loans from loansharks. Investigations under the National Registration Act will be carried out against the said suspect for failing to report the change of address. The remaining 11 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers (PINs) to loansharks to facilitate their unlicensed moneylending business.
Investigations against all the suspects are ongoing.
Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years, and shall also be liable to be punished with caning not more than six strokes. First time offenders found guilty of loanshark harassment shall be fined not less than $5,000 and not more than $50,000, with mandatory imprisonment of up to 5 years and mandatory caning of up to 6 strokes.
Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment for a term of up to 12 months. Under the National Registration Act, any person who is guilty of an offence of failing to report a change of address shall be liable on conviction to a fine of up to $5,000, or to imprisonment for a term of up to 5 years, or to both.
SINGAPORE POLICE FORCE
30 June 2016 @ 10:00 AM