The Police have arrested six men, aged between 22 and 48, in an islandwide anti-loansharking operation that took place between 19 and 21 June 2017.
During the three-day operation, officers from Jurong Police Division conducted simultaneous raids at multiple locations in Singapore to effect the arrests. Preliminary investigations revealed that 3 suspects are believed to be runners who had assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers.
The remaining 3 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers (PINs) to loansharks to facilitate their unlicensed moneylending business. Investigations against all the suspects are ongoing.
Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of carrying on the business as an unlicensed moneylender or 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.
Source: Singapore Police Force