In the biggest island-wide operation against loansharks this year, Police arrested 51 men and 12 women, aged between 16 and 64 years old, following a 14-hour operation yesterday.

The operation, which commenced on 27 September 2010 at about 8.00am, saw officers from Ang Mo Kio Police Division conducting simultaneous raids at various locations in Bukit Merah, Clementi, Woodlands, Yishun, Ang Mo Kio, Hougang, Punggol, Sengkang, Bedok and Tampines. Apart from the arrests, a number of Automated Teller Machine (ATM) cards were also seized as case exhibits in the course of the operation.

Preliminary investigations revealed that the 63 suspects had opened bank accounts and given away their ATM cards and Personal Identification Number (PIN) to loansharking syndicates to facilitate the business of unlicensed moneylending. At least 41 of the suspects are also believed to be either debtors or guarantors themselves. All the bank accounts believed to be used in the unlicensed moneylending business have since been frozen. Investigations are still on-going.

Under the Moneylenders Act 2010 (Revised Edition), where a bank account or automated teller machine (ATM) card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed 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 Ang Mo Kio Police Division HQ, Deputy Assistant Commissioner of Police Hsu Sin Yun, commended his officers for their efforts in the operation. He said, "The message to those who continue to flout the law is clear. We will not hesitate to take tough enforcement action against individuals who allow their bank accounts to be used by the loansharks or assist them in their illicit business in any way."