Five men and two women, between the ages of 24 and 72, were arrested for suspected involvement in loansharking activities in an island-wide operation which took place from Sept 14 to 15.
During the two-day operation, Tao Ching Road, Henderson Road and Telok Blangah Rise were raided.
The seven suspects had started bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PIN) to loansharking syndicates to facilitate their business.
Investigations are ongoing.
If guilty, first-time offenders may be fined up to $300,000, jailed up to four years, and be punished with up to six strokes of the cane.
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