In an islandwide operation yesterday, the Police smashed two unrelated loansharking syndicates and arrested 13 Singaporeans, comprising 12 men and 1 woman, aged between 27 to 52 years of age, for suspected involvement in two separate loansharking syndicates. The syndicates are believed to be collectively responsible for more than 400 harassment reports islandwide.

In the course of the operation which commenced from yesterday afternoon and ended early this morning, officers from the Criminal Investigation Department and Police Intelligence Department raided various locations around the island including West Coast Drive, Hougang, Serangoon North, Geylang, Yishun, Redhill, Balestier, Telok Blangah, Bukit Purmei, and Henderson. Among the items seized were over $27,000 in cash, ATM cards, mobile phones, laptops, storage devices, debtor records and other documents.

Preliminary investigations indicated that both syndicates used electronic bank transfers and transactions to facilitate their illegal activities. When debtors defaulted on payments, syndicate members harassed them and innocent parties like their neighbours by posting debtor notes and splashing paint at their residences. Investigations are still ongoing.

Deputy Superintendent of Police, Deculan Goh, Assistant Director (Covering) of the Specialised Crime Division, commended the officers for the successful operation and said: "Police take a serious view of all loansharking and harassment activities and will continue with enforcement against syndicates who profit from their irresponsible actions at the expense of other innocent victims. The amendments to the Moneylenders Act 2008 are timely and we intend to make full use of the new provisions under the amended Act to deal with such syndicates, when the law takes effect".

Persons found guilty of operating or assisting in the operating of a loansharking business may be fined not less than $20,000 and up to $200,000 or imprisoned for up to two years or both. Under the amendments to the Moneylenders Act 2008, persons found guilty of such offences may be fined not less than $30,000 and up to $300,000 with mandatory imprisonment of up to 4 years and mandatory caning of up to 6 strokes.

Persons found guilty of committing loanshark harassment may be fined not less than $4,000 and up to $40,000 or imprisoned for up to three years or both. In addition, persons who cause damage to property or harm to persons while committing these acts of harassment are liable for caning. Under the amendments to the Moneylenders Act 2008, persons found guilty of such offences may be fined not less than $5,000 and up to $50,000 with mandatory imprisonment of up to 5 years. Under the amended provisions, persons who cause damage to property or harm to persons while committing these acts of harassment are also liable for mandatory minimum caning.