10 arrested in raids for alleged loansharking: Over $34,000 cash and 70 ATM cards seized
Eight men and two women, aged between 19 and 69, were arrested for their suspected involvement in loansharking activities.
On Nov 12, officers from the Criminal Investigation Department and Police Intelligence Department conducted simultaneous raids at multiple locations islandwide.
This led to the arrest of ten people for their suspected involvement in assisting unlicensed moneylending activities by carrying out automated teller machine (ATM) transfers.
More than 70 ATM cards, several mobile phones, and over $34,000 in cash were seized during the operation.
Five people, aged between 29 and 60, will be charged on Nov 13 with the offence of carrying on the business of unlicensed moneylending under the Moneylender Act.
Investigations against the other suspects are ongoing.
Under the Moneylender Act, first-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending will face up to four years' jail, a fine between $30,000 and $300,000, and up to six strokes of the cane.
First-time offenders found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment will face up to five years' jail, a fine between $5,000 and $50,000, and between three to six strokes of the cane.
The police said they will continue to take tough enforcement actions against those involved in helping unlicensed moneylending syndicates.
"This includes acting against individuals who open or give away their bank accounts to aid unlicensed moneylenders," the police said.
"Anyone who allows their bank accounts to be used by unlicensed moneylending syndicates for transactions may be barred from using ATM and internet banking facilities for a year."
Members of the public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way.
Call the police at 999 or the police hotline at 1800-255-0000 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.
All information will be kept confidential.
