Police have arrested 17 men and 3 women, aged between 21 to 62 years old for assisting in the business of unlicensed moneylenders.

During a 12-hour island-wide operation which commenced yesterday morning, officers from Ang Mo Kio Police Division conducted simultaneous raids at various locations in Ang Mo Kio, Bedok, Hougang and Robinson Road and arrested the 20 suspects for their suspected involvement in loansharking activities. Preliminary investigations indicated that the 20 suspects had opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to loansharking syndicates for loansharking activities. 17 of them are also believed to be debtors themselves. All the bank accounts have been seized and investigations are in progress.

Under the Moneylenders Act 2008, when a bank account or ATM card of any person is proved, to the satisfaction of the court, to have been used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed until the contrary is proven, to have assisted in the carrying on of the business of an unlicensed moneylender.

Commander of Ang Mo Kio Police Division HQ, Deputy Assistant Commissioner of Police Hsu Sin Yun, commended his officers for their perseverance, diligence and excellent work leading to the arrest of the 20 suspects. He said, "The act of surrendering one's bank account to unlicensed moneylenders not only facilitates the unlicensed moneylenders' operations, but also helps these illegal syndicates avoid police detection. Police will not hesitate to take action against these perpetrators."

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined up to $200,000 or jailed a maximum of two years or both. Repeat offenders face a fine of up to $200,000 and a mandatory jail term of up to five years.