The Police have arrested four men, aged between 25 and 57, for their suspected involvement in assisting in the business of an unlicensed moneylender.
On 13 March 2022, the Police were alerted to a case where a victim and his family were allegedly harassed by unlicensed moneylenders demanding for repayments, despite having paid off $21,000 by handing over the cash to a 48-year-old man.
Through investigations and with the aid of images from Police cameras, officers from Bedok Police Division established the identities of the 48-year-old man, as well as three other men involved, and they were arrested separately between 17 and 23 March 2022. Preliminary investigations revealed that the four men are believed to have assisted in the business of an unlicensed moneylender by carrying out Automated Teller Machine (ATM) transfers and collecting debts in person. Two mobile phones, eight ATM cards and cash amounting to about S$33,000 were seized as case exhibits.
The 48-year-old man will be charged in court on 25 March 2022. Police investigations against the other three men are ongoing. Under the Moneylenders Act 2008, first time offenders found guilty of assisting in carrying on the business of unlicensed moneylending shall be liable to a fine not less than $30,000 and not more than $300,000 with mandatory imprisonment of up to four years, and mandatory caning of up to six strokes. In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than $30,000 and not more than $300,000 with mandatory imprisonment of up to seven years, and mandatory caning of up to 12 strokes.
Members of the public are advised to stay away from loansharks and not work with or assist the loansharks 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 illegal loansharking activities.
Case exhibits seized
SINGAPORE POLICE FORCE
24 March 2022 @ 11:30 PM