Police investigating 93 people, including 13-year-old, for unlicensed moneylending activities

Police are investigating 93 individuals for suspected involvement in unlicensed moneylending activities following a seven-day operation that ended on Tuesday (July 15).
The operation which began on July 9 saw officers from the Criminal Investigation Department and the seven police land divisions conduct simultaneous raids across Singapore.
Among the 93 under investigation, the oldest is 67, while the youngest is 13.
Preliminary investigations revealed that one person operated as an unlicensed moneylender, while seven others allegedly harassed debtors at their homes.
Under investigation are also 43 persons suspected of being runners who would assist in unlicensed moneylending activities through ATM transfers.
The remaining 42 people allegedly opened bank accounts, provided ATM cards and personal identification numbers, as well as internet banking tokens to these illegal moneylenders, the police said.
Investigations are ongoing.
If found guilty, first-time offenders will face jail for up to four years, a fine between $30,000 and $300,000, and up to six strokes of the cane.
First-time offenders found guilty of acting on behalf of an unlicensed moneylender to commit or attempt acts of harassment can be charged with jail for up to five years, a fine between $5,000 and $50,000, as well as three to six strokes of the cane.
Additionally, allowing your bank account to be used by unlicensed moneylending syndicates for transactions may result in prosecution and a ban from using ATM and internet banking facilities for a year.
"Members of the public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way," the police warned.
"Foreigners found to have borrowed from or convicted for aiding the unlicensed moneylenders will also have their student or work passes cancelled and subsequently deported from Singapore."
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