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The Singapore police are investigating 129 individuals, aged 15 to 71, for his or her suspected involvement in unlicensed moneylending actions.
The week-long anti-unlicensed moneylending island-wide raids have been carried out concurrently between Oct. 25 and 31, 2022 and concerned officers from the Legal Investigation Division (CID) and the seven police land divisions.
Investigation findings
Preliminary investigations revealed that seven folks had allegedly harassed debtors at their residences.
One other 46 extra folks, suspected to be runners, assisted within the unlicensed moneylending enterprise by finishing up automated teller machine (ATM) transfers.
One particular person had assisted the unlicensed moneylenders of their enterprise by subscribing to cellular strains.
The remaining 75 persons are suspected to have opened financial institution accounts and offered their ATM playing cards, private identification numbers (PINs) and/ or web banking tokens to unlicensed moneylenders to facilitate their unlawful dealings.
Investigations are nonetheless ongoing.
Penalties
The offence of carrying on or aiding in a enterprise of unlicensed moneylending carries a jail time period of as much as 4 years, a high quality between S$30,000 and S$300,000, and caning of as much as six strokes.
The offence of performing on behalf of an unlicensed moneylender, committing or trying to commit any acts of harassment carries a jail time period of as much as 5 years, a high quality between S$5,000 and S$50,000, and caning between three and 6 strokes.
The police stated they may proceed to take robust enforcement motion towards these concerned within the unlicensed moneylending enterprise, no matter their roles.
This would come with taking motion towards those that open or give away their financial institution accounts to help unlicensed moneylenders.
Members of the general public are reminded to not reply or reply to unlicensed moneylending commercials and to report these messages as spam.
Members of the general public are suggested to avoid unlicensed moneylenders and to not work with or help them in any approach.
The general public can name the police at “999” or the X-Ah Lengthy hotline at 1800-924-5664 if they think or know of anybody who may very well be concerned in unlicensed moneylending actions.
Prime photograph through Singapore Police Power
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