Police have arrested 16 men and 4 women, aged between 22 and 59 years old, for suspected involvement in unlicensed moneylending activities.

On 23 June 2010 , Police officers from Jurong Police Division mounted an operation at various locations including Bukit Batok, Boon Lay and Woodlands housing estates. During the 24-hour operation involving 35 officers, 15 persons who were suspected to have opened bank accounts and allowed them to be used in unlicensed moneylending activities were arrested. Another 5 persons who were suspected to have acted as runners for unlicensed moneylenders were also arrested. Several ATM cards, bank transaction slips, cash cards, credit cards, handphones and debtors’ notes were seized in the course of the operation. Investigations are still ongoing.

Under the Moneylenders Act 2008, when a bank account or ATM card of any person is proven, 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. Anyone who receives, possesses, conceals or disposes of any funds or other property, or engages in a banking transaction relating to any funds on behalf of any unlicensed moneylender is also deemed to have assisted in the carrying on of the business of an unlicensed moneylender. First-time offenders found guilty may be fined not less than $30,000 and not more than $300,000 and be imprisoned for a term not exceeding 4 years. Repeat offenders face a fine of up to $300,000 and imprisonment term of up to 7 years.

Commander of Jurong Police Division HQ, Assistant Commissioner of Police Cheang Keng Keong, commended his officers for their diligence and good work. 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 stern action against these perpetrators.”