SINGAPORE — Police arrested 111 suspects in an island-wide anti-loansharking operation between Monday and Thursday this week.

The 77 men and 34 women, aged between 15 and 68, were caught in simultaneous raids conducted at multiple locations across the island and are currently under investigation for their involvement in loansharking activities, police said in a press release today (Oct 2).

One suspect allegedly conducts a business of unlicensed moneylending, while 15 others are believed to be runners who assisted loansharks by carrying out Automated Teller Machine (ATM) transfers or procuring ATM cards for the syndicates’ usage.

Another four suspects are believed to have carried out loanshark harassment by splashing paint and scrawling graffiti on walls. The remaining 91 suspects are believed to have opened bank accounts and given loansharks access to their personal bank accounts to facilitate unlicensed moneylending activities.

Under the current Moneylenders’ Act, a person is presumed to have assisted in the business of unlicensed moneylending when his or her bank account or ATM card is used to facilitate moneylending by an unlicensed moneylender.

If convicted of assisting in the business of unlicensed moneylending, first-time offenders may be fined between S$30,000 and S$300,000, be jailed for up to four years and caned up to six strokes.

First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment may be fined between S$5,000 and S$50,000, be jailed for up to five years and caned between three and six strokes.

Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to a jail term of up to 12 months.