SINGAPORE: A 13-year-old was among the 316 people arrested for their suspected involvement in loan-sharking activities, said the police in a news release on Tuesday (Feb 9).
They were rounded up in simultaneous raids islandwide during a three-week operation that ended on Sunday. The raids involved officers from the Criminal Investigation Department and seven police land divisions.
AdvertisementAdvertisementPreliminary investigations revealed that 33 of the suspects had allegedly conducted harassment at debtors' place of residence.
Sixty-eight suspects are believed to be runners who helped loan sharks in their business by carrying out automated teller machine (ATM) transfers.
A photo of the prepaid SIM cards seized during the operation. (Photo: Singapore Police Force)
The remaining 215 suspects purportedly opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to loan sharks to facilitate their unlicensed moneylending businesses, said the police.
AdvertisementAdvertisementA total of S$52,000 in cash and items such as mobile phones and pre-paid SIM cards were seized during the operation, said the authorities.
Investigations against all the suspects are ongoing.
A mobile phone and ATM cards seized during a three-week anti-loansharking operation. (Photo: SIngapore Police Force)
Under the Moneylenders Act, when a bank account, ATM card or Internet banking tokens of a person is used to facilitate activities of an unlicensed moneylender, that person is presumed to have assisted in carrying on the business of unlicensed moneylending.
AdvertisementFirst-time offenders found guilty of that could be fined between S$30,000 and S$300,000, jailed for up to four years and receive up to six strokes of caning.
Those found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment face a fine of between S$5,000 and S$500,000. They could also be jailed for up to five years and caned between three and six strokes.
The police warned that loan sharks are increasingly sending unsolicited loan advertisements via text messages or online platforms, and said they will continue to take tough action against those involved in the loansharking business.
"This would include taking action against those who open or give away their bank accounts to aid unlicensed moneylenders," the police added.
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They were rounded up in simultaneous raids islandwide during a three-week operation that ended on Sunday. The raids involved officers from the Criminal Investigation Department and seven police land divisions.
AdvertisementAdvertisementPreliminary investigations revealed that 33 of the suspects had allegedly conducted harassment at debtors' place of residence.
Sixty-eight suspects are believed to be runners who helped loan sharks in their business by carrying out automated teller machine (ATM) transfers.
The remaining 215 suspects purportedly opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to loan sharks to facilitate their unlicensed moneylending businesses, said the police.
AdvertisementAdvertisementA total of S$52,000 in cash and items such as mobile phones and pre-paid SIM cards were seized during the operation, said the authorities.
Investigations against all the suspects are ongoing.
Under the Moneylenders Act, when a bank account, ATM card or Internet banking tokens of a person is used to facilitate activities of an unlicensed moneylender, that person is presumed to have assisted in carrying on the business of unlicensed moneylending.
AdvertisementFirst-time offenders found guilty of that could be fined between S$30,000 and S$300,000, jailed for up to four years and receive up to six strokes of caning.
Those found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment face a fine of between S$5,000 and S$500,000. They could also be jailed for up to five years and caned between three and six strokes.
The police warned that loan sharks are increasingly sending unsolicited loan advertisements via text messages or online platforms, and said they will continue to take tough action against those involved in the loansharking business.
"This would include taking action against those who open or give away their bank accounts to aid unlicensed moneylenders," the police added.
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