In its continued efforts against unlicensed moneylenders, officers from Ang Mo Kio Police Division conducted a major islandwide operation that saw the arrest of 45 men and 35 women aged between 17 and 71 for their suspected involvement in loansharking activities.
Along with a similar operation conducted by Tanglin Police Division between 15 and 16 th Sept, this brings the total number of persons caught for suspected loansharking activities in these 4 days by the 2 divisions to be that of 121.
During the 4-day operation, 50 officers from Ang Mo Kio Police Division conducted simultaneous raids at various locations including Jurong, Choa Chu Kang, Yishun, Ang Mo Kio, Hougang, Bishan, Toa Payoh, Teban Garden, Bukit Merah, Chai Chee, Bedok, Eunos and Tampines estates, resulting in the arrests.
Preliminary investigations revealed that these suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate their unlicensed moneylending businesses.
All the suspects are believed to be borrowers or guarantors. They have agreed to assist the loansharks either for monetary gains or to offset their debts. Investigations against the suspects are on-going.
Under the Moneylenders’ Act 2010 (Revised Edition), when a bank account or ATM card of any person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on the business of unlicensed moneylending.
First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.
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