Police arrested seven male Singaporean Chinese aged between 23 to 38 years old on 1 Jul 09 for suspected involvement in a loansharking syndicate. Preliminary investigations indicate that the syndicate is linked to an estimated 350 loanshark harassment reports island-wide.

Following extensive intelligence probes and investigation, officers from the Criminal Investigation Department and Police Intelligence Department, identified and arrested five of the suspects in a raid on several locations including the Senja Road, Jurong Point, Yung Ping Road, Redhill Close and Yio Chu Kang areas. The remaining 2 suspects were arrested at Woodlands Checkpoint as they were returning to Singapore.

The syndicate is believed to operate overseas as well. Items seized for investigations included handphones, laptop computers, computers, and suspected debtor records. Three of the suspects have been released on bail, while investigations are ongoing for the rest.

Assistant Director of the Specialised Crime Division, Criminal Investigation Department, SUPT Goh Lam Kiong praised the officers for their efforts, and said, “Whether it is at the checkpoints, or in the neighbourhoods, Police will spare no effort in cracking down on loansharking syndicates, including those who think they can escape detection by operating overseas. Loansharks who direct harassment resulting in damage to property or hurt to persons, may also be caned.”

First-time offenders found guilty of operating or assisting a business as an unlicensed moneylender may be fined up to S$200,000 or jailed a maximum of 2 years, or both. Repeat offenders face a fine of up to S$200,000 and mandatory jail term of up to 5 years. First-time offenders found guilty of loanshark harassment – including loansharks who direct such harassment – may be fined not less than $4,000 and up to $40,000 or imprisoned for up to 3 years or both. They are also liable for caning if any damage to property or hurt to persons was caused while committing the harassment.