The Police have arrested a 54-year-old man for his suspected involvement in carrying on the business of unlicensed moneylending.
On 30 September 2019, the Police were alerted to a case of unlicensed moneylending where the suspect was believed to be issuing loans to foreign workers in Singapore. Following the report, officers from the Criminal Investigation Department and Jurong Police Division conducted an operation on 1 October 2019, and arrested the man in the vicinity of Tanjong Kling Road. During the operation, items including mobile phones and records of unlicensed moneylending activities were seized as case exhibits.
The man will be charged in court on 2 October 2019 for carrying on a business of unlicensed moneylending under the Moneylenders Act (Revised Edition 2010), Chapter 188. If convicted, he shall be punished with a fine 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.
The Police would like to remind the public, including foreign workers in Singapore, to stay away from unlicensed moneylenders and not work with or assist the unlicensed moneylenders in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.
Source: Singapore Police Force