Updated: 03/12/2014 19:07 | By Channel NewsAsia
101 people arrested after anti-loansharking operation
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SINGAPORE: Police have arrested 101 suspects, aged between 18 and 72, in an anti-loansharking operation which took place between March 10 and 11, 2014. The 65 men and 36 women were suspected to be involved in loansharking activities.
The arrests were made following a 39-hour operation, during which officers from the Criminal Investigation Department (CID) and the six police land divisions conducted simultaneous raids at multiple locations in Singapore.
These include Choa Chu Kang, Admiralty Drive, Woodlands, Yishun, Ang Mo Kio, Serangoon, Toa Payoh, Macpherson, Simei, East Coast Road, Bedok and Tampines.
Preliminary investigations revealed that six suspects were believed to be involved in loansharking activities as runners and had assisted the loansharks in their businesses by carrying out automated teller machine (ATM) transfers or procuring ATM cards for the syndicates' use.
Police also arrested four suspects who were believed to have provided false contact information when obtaining loans from loansharks. Investigations under National Registration Act will also be carried out against these suspects for failing to report change of address.
The remaining 91 suspects were believed to have opened bank accounts and given away their ATM cards and personal identification numbers (PINs) to loansharks to facilitate their unlicensed moneylending businesses.
Investigations against all the suspects are ongoing.
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 S$30,000 and S$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.
Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment for a term of up to 12 months.
Under the National Registration Act, any person who is guilty of an offence of failing to report a change of address shall be liable on conviction to a fine of up to S$5,000, or to imprisonment for a term of up to 5 years, or to both.
Head of the Unlicensed Moneylending Strikeforce of CID, Superintendent of Police Aileen Yap, commended the officers for the successful operation. She said: "Police will continue to clamp down hard on unlicensed moneylending activities.
"By opening or giving away one's bank account to the unlicensed moneylenders, these like-minded individuals have not only assisted the unlicensed moneylenders in their businesses but also facilitated them to evade police detection.
"Police will not hesitate to take tough action against those who continue to assist loansharks in any way."
Police advise the public to stay away from loansharks and not to work with or assist the loansharks in any way. - CNA/ac
