The Police are investigating five men and two women, aged between 22 and 63, for their suspected involvement in assisting the business of an unlicensed moneylending syndicate.
In an operation conducted between 15 and 17 September 2021, officers from the Criminal Investigation Department conducted simultaneous raids at multiple locations island-wide. Preliminary investigations revealed that the unlicensed moneylending syndicate is also responsible for allegedly perpetrating loan scams in Singapore.
During the operation, cash amounting to about $82,000, over 100 ATM cards and several mobile phones were seized as case exhibits.
Of the seven individuals, a 45-year-old man will be charged in court on 18 September 2021 with assisting in a business of unlicensed moneylending under the Moneylenders Act (Revised Edition 2010). For first-time offenders, the offence carries an imprisonment term of up to four years, a fine of between $30,000 and $300,000, and caning with not more than six strokes. Investigations against the remaining six suspects are ongoing.
The Police will continue to take tough enforcement actions against those involved in the unlicensed moneylending businesses, regardless of their roles, and ensure that they face the full brunt of the law.
Members of public are advised to stay away from unlicensed moneylenders and not to 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 unlicensed moneylending activities.
Loan scam remains a crime concern in Singapore. To seek scam-related advice, please call the anti-scam hotline at 1800-722-6688 or visit www.scamalert.sg. Join the ‘Let’s fight scams’ campaign at www.scamalert.sg/fight by signing up as an advocate to receive up-to-date messages and share them with your family and friends. Together, we can help stop scams and prevent our loved ones from becoming the next scam victim.
SINGAPORE POLICE FORCE
18 September 2021 @ 7:20 AM