Police have arrested 26 men and 2 women aged between 17 and 58 years old for suspected involvement in loansharking activities during a 30-hour islandwide operation against unlicensed moneylenders.

From 6 Sep 2010 to 7 Sep 2010, officers from Central Police Division conducted consecutive raids at Pandan Garden, Corporation Road, Ang Mo Kio, Tampines, Hougang, Punggol, Bendemeer Road, Telok Blangah Crescent, Hillview Avenue, Sembawang, Woodland Drive and Yuan Ching Road resulting in the arrests. In the course of the operation, ATM cards, bank transaction slips and cash were seized as case exhibits. Preliminary investigations revealed that 27 of the suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to loansharking syndicates to facilitate the business of unlicensed moneylending. The last suspect is believed to have assisted loansharks in their business by conducting fund transfers via the ATM. Investigations are ongoing.

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.

Commander of Central Police Division HQ, Deputy Assistant Commissioner of Police Tan Hung Hooi, commended his officers for their efforts in the successful operation.