The Police are investigating six men and one woman, aged between 34 and 69, for their suspected involvement in assisting in the business of an unlicensed moneylending syndicate.
In an operation conducted between 13 and 14 January 2022, officers from the Criminal Investigation Department conducted simultaneous raids at multiple locations island-wide and arrested seven persons for allegedly assisting the unlicensed moneylending syndicate. One of them, a 44-year-old man, purportedly operated a money-changing business in Singapore and is believed to have facilitated the syndicate to transfer illegal proceeds. Four men, aged between 37 and 69, are believed to be runners who had assisted the syndicate by carrying out Automated Teller Machine (ATM) transfers. A 58-year-old woman and a 34-year-old man are believed to have handed over their bank accounts to the syndicate.
During the operation, cash amounting to more than $225,000, multiple ATM cards, internet banking tokens, mobile phones, bank transaction records and prepaid SIM cards were seized as case exhibits.
Under the Moneylenders Act 2008, first-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending shall be punished with imprisonment term of up to four years, a fine of between $30,000 and $300,000, and caning of up to six strokes.
The Police will continue to take tough enforcement action against those involved in unlicensed moneylending businesses, regardless of their roles, and ensure that they face the full brunt of the law. This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.
Members of the 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. All information provided will be kept confidential.
SINGAPORE POLICE FORCE
17 January 2022 @ 3:10 PM