Illegal moneylending crackdown nabs 41 suspects

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Illegal moneylending crackdown nabs 41 suspects
Posted: 16 September 2011 1227 hrs

SINGAPORE: Police have arrested 41 people, mostly men, for their suspected involvement in unlicensed moneylending activities in a two-day islandwide operation.

The suspects were believed to have facilitated unlicensed moneylending activities by allowing their bank accounts to be used for the collection of loanshark debts.

Their bank accounts have since been frozen for investigations.

Police said investigations against those arrested are still on-going.

Under the Moneylenders Act, where a bank account or automated teller machine (ATM) card of any person is proved to the satisfaction of the court, to have been used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed until the contrary is proven, 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, may be fined between S$30,000 and S$300,000, be jailed up to four years and shall also be liable to be punished with caning of not more than six strokes.

- CNA/cc