T
Tadakatsu Honda
Guest
May 8, 2010
25 held in island-wide raids
POLICE arrested 25 people - 17 men and eight women - for suspected involvement in unlicensed moneylending activities in an 18-hour island-wide operation conducted on Friday. Officers from Clementi Police Division conducted simultaneous raids at various locations in Woodlands, Choa Chu Kang, Jurong, Yishun, Ang Mo Kio, Hougang, Sengkang, Bedok and Tampines, among others. Preliminary investigations revealed that the suspects, aged 17 to 56, are believed to have allowed their bank accounts to be used by loansharking syndicates to facilitate the business of unlicensed moneylending.
A few of them are also believed to be debtors themselves. Investigations are still on-going. Under the Moneylenders Act 2008, a person whose bank account or automated teller machine (ATM) card is proved in court to have been used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, is presumed to have assisted in the carrying on of the business of an unlicensed moneylender. First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, can be fined from $30,000 to $300,000, and jailed up to four years.
They are also liable to be caned up to six strokes. Those who are acting on behalf of an unlicensed moneylender, commit or attempt to commit any acts of harassment can be jailed up to five years and fined up to $50,000. Said Commander of Clementi Police Division, Deputy Assistant Commissioner of Police Ng Yeow Boon: 'The Police will not hesitate to take stern action against people who facilitate the business of unlicensed moneylenders and we will continue with our efforts to clamp down on unlicensed moneylending activities in Singapore.'
