In an island-wide operation from 5 - 7 July 2010, Police officers from Tanglin Police Division arrested 19 men and 11 women between the ages of 19 and 59 for suspected involvement in unlicensed moneylending activities.

Preliminary investigations revealed that the suspects were believed to have facilitated unlicensed moneylending activities by allowing their bank accounts to be used for the collection of loanshark debts. Their bank accounts have since been frozen.

All 30 suspects are currently out on bail pending further police investigations.

Under the Moneylenders Act, 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 of not more than 6 strokes.

Commander of Tanglin Police Division, Deputy Assistant Commissioner Koh Yak Leng commended his officers for their efforts and good work. He said, “The Police will continue to take a tough stance towards unlicensed moneylending activities. Those who facilitate such activities either directly or indirectly are deemed culpable unless otherwise proven.”