In two separate operations led by officers from the Criminal Investigation Department and Central Police Division yesterday, Police arrested two men, aged 18 and 26, for their suspected involvement in unlicensed moneylending activities.

In the second operation, Police arrested an 18-year-old suspect at Bukit Panjang in connection with posting illegal loan advertisements on multiple internet websites on behalf of an unlicensed moneylender. In the course of the operation, a computer system, a debit card and a mobile phone were seized as case exhibits.

Assistant Director, Specialised Crime Division of the Criminal Investigation Department, Superintendent of Police Goh Lam Kiong said “Police will act swiftly to curb unlicensed moneylending activities in Singapore . We will not give such criminal elements any chance of reprieve, regardless of their age or modus operandi. Every single member of the syndicates will be taken to task and dealt with severely.”

The 26-year-old suspect will be charged in Court on 1 October 2010 under the Moneylenders Act while investigations against the 18-year-old suspect are on-going.

Under the Moneylenders Act, persons found guilty of operating or assisting in the operating of a loansharking business may be fined not less than $30,000 and up to $300,000 with mandatory imprisonment of up to four years and mandatory caning of up to six strokes. Persons found guilty of committing loanshark harassment shall be punished with imprisonment for a term not exceeding five years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to caning of not more than six strokes.