11 arrested for suspected involvement in unlicensed moneylending syndicate

SINGAPORE — 11 men, aged between 27 and 55, were arrested for their suspected involvement in an unlicensed moneylending syndicate, with operations spanning beyond Singapore.

The men were arrested in a nine-hour islandwide operation that started yesterday (Oct 9) and ended early this morning.

Officers from the Criminal Investigation Department (CID) and the Police Intelligence Department (PID) conducted simultaneous raids at several locations in Jurong, Woodlands, Pipit Road, Jalan Bukit Merah, Ang Mo Kio, Tampines Redhill Close and Jelapang Road.

The islandwide operation also led to the seizure of several items, including mobile phones, prepaid SIM cards, ATM cards, laptops, a thumb drive and cash amounting to S$8,920.

Police said the suspects are believed to be members of an unlicensed moneylending syndicate which operated locally and overseas.

The syndicate is also believed to be linked to more than 580 harassment cases in Singapore since 2009.

Eight of the suspects will be charged in court tomorrow under the Moneylenders Act while investigations against the others are ongoing.

Under the Moneylenders Act, persons found guilty of operating or assisting in the operation of a loansharking business may be fined not less than S$30,000 and up to S$300,000, with mandatory imprisonment of up to four years and shall be liable to caning of up to six strokes.

Head of Unlicensed Moneylending Strikeforce, Superintendent of Police Aileen Yap, said: “Singapore has zero tolerance for unlicensed moneylending activities resulting in harassment acts that threaten the safety and security of our community.

“Police will spare no effort to clamp down on unlicensed moneylending syndicates and to ensure that those involved in such illegal activities are made to bear the full brunt of the law.” CHANNEL NEWSASIA