The Police have arrested eight suspects, aged between 32 and 51, in an islandwide anti-loansharking operation that took place on 29 June 2016. These seven men and one woman are suspected to be involved in loansharking activities.
During the operation, officers from Clementi Division conducted simultaneous raids at multiple locations in Singapore to effect the arrests. Preliminary investigations revealed that 8 of the suspects had opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate the business of unlicensed moneylending.
Investigations against all the suspects are ongoing.
Under the Moneylenders Act 2010 (Revised Edition), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined not less than $30,000/- and not more than $300,000/-, be imprisoned for a term not exceeding 4 years and shall also be liable to be punished with caning of not more than 6 strokes. First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with imprisonment for a term not exceeding 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.
SINGAPORE POLICE FORCE
01 July 2016 @ 9:30 AM