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199 people under probe for alleged involvement in loan shark activities after 2-week police blitz

SINGAPORE — Close to 200 people aged between 14 and 78 are being investigated by the authorities for their suspected involvement in illegal moneylending activities.

The police said that they will continue to take tough enforcement action against those involved in the loansharking business, regardless of their roles, and ensure that they face the full brunt of the law.

The police said that they will continue to take tough enforcement action against those involved in the loansharking business, regardless of their roles, and ensure that they face the full brunt of the law.

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SINGAPORE — Close to 200 people aged between 14 and 78 are being investigated by the authorities for their suspected involvement in illegal moneylending activities.

In a news release on Tuesday (April 6), the police said that 199 people are under probe after officers from the Criminal Investigation Department and the seven police land divisions conducted simultaneous raids across the island during a two-week anti-loan-sharking operation between March 22 and April 4.

Preliminary investigations revealed that 11 of the suspects had allegedly conducted harassment at debtors’ residences while another 36 are believed to be runners who had assisted the loan sharks in their businesses by carrying out automated-teller machine (ATM) transfers.

The remaining 152 suspects have purportedly opened bank accounts and provided their ATM cards, personal identification numbers and/or internet banking tokens to loan sharks to facilitate their unlicensed moneylending businesses, the police said.

Investigations are ongoing.

The police said that under the Moneylenders’ Act (Revised Edition 2010), when a bank account, ATM card or internet banking token of any person is used to facilitate loans by an unlicensed moneylender, that person is “presumed to have assisted in carrying on the business of unlicensed moneylending”.

The police said that they will continue to take tough enforcement action against those involved in the loansharking business, regardless of their roles, and ensure that they face the full brunt of the law.

“This would include taking action against those who open or give away their bank accounts to aid unlicensed moneylenders,” they said.

The police warned that loan sharks are increasingly sending unsolicited loan advertisements via text messages or online platforms.

“Members of the public are reminded not to reply or respond to such advertisements and report the WhatsApp messages as spam.

“Members of the public are advised to stay away from loan sharks and not to work with or assist the loan sharks in any way,” the police said.

First-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending can be fined between S$30,000 and S$300,000, jailed for up to four years and caned up to six strokes.

Those found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment, can be fined between S$5,000 and S$50,000, jailed for up to five years, and be liable for three to six strokes of the cane.

Related topics

crime loan sharks harrassment police

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