The Police are investigating 88 persons, aged between 14 and 74, for their suspected involvement in unlicensed moneylending activities, following an unlicensed moneylending suppression operation conducted from 19 to 23 May 2025.
During the five-day operation, officers from the Criminal Investigation Department and the seven Police land divisions conducted simultaneous raids island-wide. Preliminary investigations revealed that one person had operated as an unlicensed moneylender, eight persons had allegedly harassed debtors at their residence and 46 persons are believed to be runners who had assisted in unlicensed moneylending activities by carrying out Automated Teller Machine (ATM) transfers.
The remaining 33 persons are believed to have opened bank accounts and provided their ATM cards, Personal Identification Numbers (PINs) and/or Internet Banking tokens to unlicensed moneylenders to facilitate their unlicensed moneylending activities.
Investigations against all the persons are ongoing.
Under the Moneylenders Act 2008, when a bank account, ATM card or Internet Banking token of any person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in carrying on the business of unlicensed moneylending. First-time offenders found guilty of the offence 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 not less than $30,000 and not more than $300,000, and caning of not more than six strokes. First-time offenders found guilty of the offence of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment shall be punished with imprisonment term of up to five years, a fine of not less than $5,000 and not more than $50,000, and caning of not less than three and not more than six strokes.
The Police will continue to take tough enforcement actions against those involved in helping unlicensed moneylending syndicates. This includes acting against individuals who open or give away their bank accounts to aid unlicensed moneylenders. Anyone who allow their bank accounts to be used by unlicensed moneylending syndicates for transactions may be barred from using ATM and internet banking facilities for a year.
Unlicensed moneylenders will not hesitate to carry out persistent and dangerous harassment acts on the borrowers and their families, such as setting fire, and splashing paint at their residences, and locking the gates using chains or bicycle locks to confine the occupants. Members of the public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way. Foreigners found to have borrowed from or convicted for aiding the unlicensed moneylenders will also have their student or work passes cancelled and subsequently deported from Singapore.
The public can call the Police hotline at 1800-255-0000, or submit information online at www.police.gov.sg/i-witness 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
29 May 2025 @ 9:55 AM