13 May 2019

Two Arrested For Carrying On Business Of Unlicensed Moneylending

The Police have arrested a Singaporean man and a Filipino woman, aged 60 and 45 respectively, for their suspected involvement in carrying on a business of unlicensed moneylending.

In November 2018, the Police received information that the duo were believed to be involved in unlicensed moneylending and had issued loans to foreign domestic workers.  After establishing the identities of the suspects, officers from the Criminal Investigation Department, Woodlands Police Division and Tanglin Police Division conducted an operation on 12 May 2019 and arrested them in the vicinity of Orchard Road. During the operation, two mobile phones, records of unlicensed moneylending activities and cash were seized.

They will be charged in court on 14 May 2019 under the Moneylenders Act (Revised Edition 2010). Under the Moneylenders Act (Revised Edition 2010), anyone found guilty of carrying on or assisting in a business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of up to six strokes. Foreign workers, including foreign domestic workers, who have assisted or borrowed money from unlicensed moneylenders may also be repatriated and barred from working in Singapore.

The Police have observed that more foreign workers, including foreign domestic workers, are increasingly borrowing money from unlicensed moneylenders.  In some instances, these foreign workers would assist the unlicensed moneylenders in their illegal activities or be running the operation themselves.  The Police have engaged relevant ministries and agencies, such as the Ministry of Manpower, Centre for Domestic Employee (CDE) and Foreign Domestic Worker Association for Social Support and Training (FAST), to educate foreign workers against borrowing from unlicensed moneylenders. The Police will continue to work closely with the relevant stakeholders to intensify our outreach efforts to reach out to foreign workers to warn them on the severe consequences of getting involved in unlicensed moneylending activities.

The Police would also like to urge employers of foreign workers to remind them to stay away from unlicensed moneylenders and not work with or assist the unlicensed moneylenders 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.

13 May 2019 @ 9:45PM

Last Updated on 14 May 2019