The Police have arrested 68 men and 29 women, aged between 17 and 65, for their suspected involvement in loansharking activities in the latest anti-loansharking operation that was conducted from 26 to 28 March 2018 and a 37-year-old man for his suspected involvement in loanshark harassment activities on 1 April 2018.
During the three-day operation on 26 to 28 March 2018, officers from the Criminal Investigation Department and the six police land divisions conducted simultaneous raids at multiple locations islandwide, resulting in the arrests. Preliminary investigations suggested that 12 suspects are runners who had carried out Automated Teller Machine (ATM) transfers on behalf of loansharks and procured ATM cards for the syndicates’ usage. Another suspect is believed to have carried out acts of loanshark harassment by splashing paint and scrawling loanshark-related graffiti on walls.
The remaining 84 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers to loansharks to facilitate their unlicensed moneylending businesses. Investigations against all the above suspects are ongoing.
And on 31 March 2018, the Police were alerted to a case of loanshark harassment at a residential unit along Woodlands Drive 50. The victim informed that a man had visited the house and passed him an envelope containing a debtor’s note.
Through extensive ground enquiries and the aid of images from Police Cameras, officers from Jurong Police Division established the identity of the man and arrested him along Rivervale Drive on 1 April 2018.
Preliminary investigations suggest that the man is involved in other cases of loanshark harassment island-wide. He is believed to have used his personal Automated Teller Machine (ATM) card, as well as obtain ATM cards with Personal Identification Numbers (PINs) from other debtors to facilitate illegal transactions.
The man will be charged in court on 2 April 2018 under the Moneylenders Act 2010 (Revised Edition).
Under the Moneylenders’ Act (Revised Edition 2010), 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 between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of 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 shall be punished with imprisonment for a term of up to five years, a fine of between $5,000 and $50,000, and shall also be liable to caning of between three and six strokes.
Members of the public are advised to stay away from loansharks and not to work with or assist the loansharks in any way. The public can call the Police at ‘999’ or the National Crime Prevention Council’s X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in illegal loansharking activities. All information provided will be kept strictly confidential.
The Police will continue to take tough enforcement action against those involved in the loansharking business, regardless of their roles, and they will face the full brunt of the law. This would include taking action against those who open or give away their bank account/s to aid unlicensed moneylenders.
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