Police arrested 27 men and 3 women aged between 18 and 59 years old in an islandwide operation from 13 to 14 May 2010 for suspected involvement in loansharking activities. Amongst the 30 suspects arrested, 29 are believed to have allowed their bank accounts to be used for loansharking activities while one was arrested for loanshark harassment at Hougang public housing estate.

During the 18-hour islandwide operation, officers from Ang Mo Kio Police Division conducted simultaneous raids at Jurong, Clementi, Commonwealth, Telok Blangah, Woodlands, Ang Mo Kio, Shunfu Road, Hougang, Punggol, Bedok and Tampines and where the suspects were rounded up.

Preliminary investigation revealed that 29 of the suspects had facilitated the unlicensed moneylending business of the loansharking syndicates by opening bank accounts and giving away their Automated Teller Machine (ATM) cards with their Personal Identification Number (PIN) to the loansharks. At least 20 of them are believed to be debtors or guarantors while five of them had opened more than one bank account for the loansharks. One of the suspects was also found to have committed several counts of loanshark harassment by splashing paint and scrawling loanshark graffiti at Hougang public housing estate. Several ATM cards and bank account passbooks were seized as case exhibits. All the bank accounts had been frozen. Investigation are in progress.

Under the Moneylenders Act 2008, where a bank account or automated teller machine (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.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined not less than $30,000/- and not more than $300,000/-, be imprisoned for a term not exceeding 4 years and shall also be liable to be punished with caning with not more than 6 strokes. Offenders who had acted on behalf of an unlicensed moneylender, commit or attempt to commit any acts of harassment shall be punished with imprisonment for a term not exceeding 5 years, fine not less than $5,000/- and not more than $50,000/- and shall also be liable to be caned not more than 6 strokes.

Commander of Ang Mo Kio Police Division HQ, Deputy Assistant Commissioner of Police Hsu Sin Yun commended the officers for their good investigative probes and perseverance in the fight against loansharking activities. He warned like-minded individuals who continued to be oblivious to the consequences of facilitating the loansharks in their businesses that Police will spare no effort to deal with them severely.