Singapore police are investigating 91 individuals, aged between 16 and 77, for their suspected involvement in unlicensed moneylending activities following a coordinated islandwide operation held from October 27 to 31.
The five-day operation was conducted by officers from the Criminal Investigation Department and the seven Police land divisions as part of ongoing efforts to clamp down on illegal lending networks. Preliminary investigations revealed that 10 of the suspects had allegedly harassed debtors at their homes, while 29 others are believed to have acted as runners, carrying out Automated Teller Machine (ATM) transfers on behalf of unlicensed moneylenders.
The remaining 52 individuals are suspected of opening bank accounts and handing over their ATM cards, Personal Identification Numbers (PINs), or Internet banking tokens to loan syndicates to facilitate their operations. Investigations into all 91 suspects are still ongoing.
Under the Moneylenders Act 2008, individuals whose bank accounts or ATM cards are used to support illegal moneylending activities are presumed to have assisted in the business of unlicensed moneylending.
First-time offenders found guilty of carrying on or assisting in such activities face imprisonment of up to four years, a fine between S$30,000 and S$300,000, and up to six strokes of the cane. Those convicted of harassment on behalf of unlicensed moneylenders face imprisonment of up to five years, fines ranging from S$5,000 to S$50,000, and between three and six strokes of the cane.
The police said they will continue to take firm action against individuals aiding unlicensed moneylending syndicates, including those who open or surrender bank accounts to facilitate illegal transactions. Offenders may also be barred from using ATM and internet banking services for a year.
Authorities also warned of the dangers of engaging with unlicensed moneylenders, who often resort to aggressive harassment methods such as setting fires, splashing paint, or locking gates to intimidate victims and their families. The public is advised to avoid such lenders and refrain from assisting them in any way.
Foreigners found to have borrowed from or helped unlicensed moneylenders may have their work or student passes revoked and face deportation from Singapore.
