14 under investigation for assisting unlicensed moneylending syndicate linked to more than 100 police reports
The police are investigating 14 people, aged between 29 and 68, for their suspected involvement in unlicensed moneylending activities following an enforcement operation conducted from Feb 4 to 5.
During the two-day operation, officers from the Unlicensed Moneylending Strike Force of the Criminal Investigation Department conducted island-wide raids.
Preliminary investigations reveal that the 14 individuals assisted an unlicensed moneylending syndicate believed to be linked to more than 100 police reports in relation to unlicensed moneylending and scam activities.
"The syndicate is believed to have made unsolicited calls on messaging platforms, sometimes masquerading as licensed moneylenders, to offer loans to unsuspecting borrowers," police added.
The 14 suspects allegedly assisted the syndicate by performing Automated Teller Machine (ATM) transfers and distributing ATM cards to facilitate the syndicate's unlicensed moneylending operations.
Cash of about $32,000, 80 ATM cards, 27 mobile phones, 25 SIM cards, two calculators and a cash counting machine were seized as case exhibits.
Six of the suspects were charged in court on Feb 6 and investigations against the remaining eight individuals are ongoing.
The police said they will continue to take tough enforcement action against those involved in unlicensed moneylending activities or those who assist in such activities.
"Unlicensed moneylenders frequently resort to persistent and dangerous acts of harassment on borrowers and their families," they added. "Typical intimidation tactics include setting fires, or splashing paint on their homes, and locking gates with chains or bicycle locks to trap the occupants."
Members of the public are advised to avoid borrowing from unlicensed moneylenders and not work with or assist them in any manner.
Foreigners found borrowing from or assisting an unlicensed moneylender will have their student or work passes cancelled and be subject to deportation from Singapore.
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