SINGAPORE: Two Filipino women have been arrested for suspected involvement in unlicensed moneylending, said the police in a press release on Tuesday (Sep 17).
The police said they were alerted to the case on Sep 3. The suspects were believed to be issuing loans to foreign workers in Singapore.
AdvertisementAdvertisementOfficers then conducted an operation on Tuesday, during which both women were arrested.
[h=3]READ: Borrowing, brokering, lending: Inside the tangled web of maids and moneylenders[/h][h=3]READ: Loans for low-income foreigners, maids, capped at S$500 under new licensed moneylending rules[/h]Preliminary investigations found that the suspects have been giving loans to foreign domestic workers in Punggol and Sengkang housing estates, said the police.
AdvertisementAdvertisementIf convicted of unlicensed moneylending, they can be fined up to S$300,000 and jailed up to four years.
Foreign workers who have assisted or borrowed money from unlicensed moneylenders may also be repatriated and barred from working in Singapore.
[h=3]READ: Maids could turn to loansharks if employers' consent needed to borrow money from licensed moneylenders: MOM[/h]In the news release, the police said that they have observed foreign workers borrowing money from unlicensed moneylenders. In some instances, they even helped the unlicensed moneylenders or ran the operation themselves.
In response, the police have engaged relevant ministries such as the Ministry of Manpower as well as foreign domestic worker help agencies to educate foreign workers about borrowing from unlicensed moneylenders.
The police reminded the public to stay away from unlicensed moneylenders and to not work with them in any way.
Members of the public can call the police or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.
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