Police have arrested 12 men and 4 women aged between 19 and 63 years old, for suspected involvement in unlicensed moneylending activities.

During a 17-hour islandwide operation which commenced on 29 July 2010, officers from Clementi Police Division conducted simultaneous raids at various locations in Tampines, Bedok, Circuit Road, Ubi, Holland Close, Woodlands, Sengkang, Ang Mo Kio, Jurong West, Choa Chu Kang, Yishun and Bishan, resulting in the arrest of the 16 suspects. Preliminary investigations revealed that the 16 suspects had opened bank accounts and allowed the loansharks to use their bank accounts for loansharking activities. A few of them are also believed to be debtors themselves. Investigations are still on-going.

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/- and be imprisoned for a term not exceeding 4 years. First time offenders shall also be liable to be punished with caning with not more than 6 strokes.

Commander of Clementi Police Division, Deputy Assistant Commissioner Melvin Yong commended his officers for their excellent work leading to the arrest of the 16 suspects. He said, “The Police will not hesitate to take stern action against persons who facilitate the business of unlicensed moneylenders as we continue to clamp down on unlicensed moneylending activities in Singapore.”