In a wave of enforcement against unlicensed moneylending syndicates, Police crippled 2 loansharking syndicates within a day. A total of 23 persons were arrested, including the syndicate leaders in two successive island-wide operations led by the Criminal Investigation Department and Police Intelligence Department that ended today. The subjects are aged between 17 and 63 years old, comprising of both male and female subjects.

Through intensive intelligence gathering and surveillance work, Police was able to identify the members of these syndicates. In the first operation, various premises in Woodlands, Toh Tuck Road , Hume Avenue , Petir Road , Jalan Tenteram, Ang Mo Kio, Tampines, Orchard Road and Bishan were raided. The second operation saw Police in action at several locations in Kampong Bahru, Jurong West, Cantonment Close, Toa Payoh, Ang Mo Kio, Clementi, Geylang, Bedok Reservoir View and Pasir Ris areas. The raided premises included both HDB estates as well as private condominium residences

Cash amounting to over $26,000/-, 39 mobile phones, 11 laptop computers, 36 ATM cards, 11 electronic data storage devices, as well as an assortment of paraphernalia and documents such as bank transactions slips, passbooks and written records were seized. The syndicates are believed to have given out loans to more than 1500 debtors.

Preliminary investigations revealed that culprits operated the Unlicensed Moneylending syndicates, by issuing loans, collecting of repayments by transferring and collecting cash to and from debtors via Automated Teller Machines (ATM) machines. They are also known to have advertised their services through flyers and name cards.

Director of the Criminal Investigation Department, Senior Assistant Commissioner of Police Ng Boon Gay said “ These operations are part of the vigorous on-going Police efforts to curb unlicensed moneylending activities in Singapore . Police will not let its guard down and afford such criminal elements any chance of reprieve, regardless of their age and level of participation. Every single member of the syndicates will be taken to task and dealt with in the most severe manner ”

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined up to $300 000, and jailed a maximum of 4 years. Repeat offenders face a maximum fine of $300 000, and a maximum jail term of 7 years. Offenders may also be caned up to 6 strokes for first offenders, and up to 12 strokes for repeat offenders.