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The Police have arrested a 60-year-old man for his suspected involvement in unlicensed moneylending activities.

On 21 April 2025, the Police were alerted to a case of unlicensed moneylending after a debtor was harassed by a loanshark for repayments. Through follow-up investigations by the Police, the identity of the loanshark was established. Preliminary investigations revealed that the man provided about a total of $57,000 in loans, ranging from $500 to $11,000 to at least ten borrowers in Singapore between June 2023 and October 2025. 

The man will be charged in court on 29 May 2026 for 22 counts of conducting a moneylending business without a licence under Section 5(1) of the Moneylenders Act 2008.

Under the Moneylenders Act 2008, first-time offenders found to have contravened Section 5(1) shall be punished with imprisonment term of up to four years, a fine of not less than $30,000 and not more than $300,000, and caning of not more than six strokes. Second time offenders shall be punished with imprisonment term of up to seven years, a fine of not less than $30,000 and not more than $300,000, and caning of not more than 12 strokes. 

The Police will continue to take tough enforcement actions against those involved in loansharking activities and ensure that perpetrators are dealt with sternly in accordance with the law.

Loansharks will not hesitate to carry out persistent and dangerous harassment acts on debtors and their families, such as setting fires, splashing paint at residences, and locking the gates using chains or bicycle locks to confine the occupants. Members of the public are advised to stay away from loansharks and not work with or assist them in any way. The public can call the Police at ‘999’ if they suspect or know of anyone who could be involved in loansharking activities.