14-year-old boy among 102 people under probe for illegal moneylending activities

SINGAPORE - A 14-year-old boy is the youngest among 102 people being investigated for their suspected involvement in unlicensed moneylending activities.

The oldest suspect is 69 years old.

The police said in a statement on May 7 that the suspects were rounded up following an islandwide operation from April 22 to April 26, conducted by officers from the Criminal Investigation Department and the seven police land divisions.

Eleven of the suspects had allegedly harassed debtors at their residences while 45 people are believed to be runners who had allegedly assisted unlicensed moneylenders by carrying out Automated Teller Machine (ATM) transfers.

The remaining 46 suspects are believed to have helped unlicensed moneylenders by opening bank accounts or allowing their ATM cards, personal identification numbers or internet banking tokens to be used, the police said.

Investigations are ongoing, they added.

A person who allows illegal moneylenders to use their bank account, ATM card or internet banking token is deemed to have assisted with the unlicensed moneylending business.

Those found guilty of unlicensed moneylending or assisting with it can be jailed for up to four years, fined between $30,000 and $300,000, and receive up to six strokes of the cane.

Those found guilty of harassment, or attempted harassment, on behalf of an unlicensed moneylender can be jailed for up to five years, fined between $5,000 and $50,000, and receive three to six strokes of the cane.

The police said they will continue to take "tough enforcement action" against those involved in illegal moneylending, including those who open or give away their bank accounts to aid unlicensed moneylenders.

The police advised the public to stay away from unlicensed moneylenders, and to call the police at 999 or the X-Ah Long hotline at 1800-924-5664 to report anyone who they know or suspect of being involved in unlicensed moneylending activities.

This article was first published in The Straits Times. Permission required for reproduction.