14-year-old among 508 suspects hauled up for scams and unlicensed moneylending activities

Officers from Bedok Division are investigating 340 men and 168 women, aged between 14 and 71, for their suspected involvement in more than 2,600 cases of scams and unlicensed moneylending activities, following an enforcement operation conducted between July 3 and 12.

Of the total of 508 people, 360 are being investigated for their suspected involvement in scams, comprising mainly e-commerce scams, investment scams, job scams, tech support scams, phishing scams, and money laundering offences involving transactions exceeding $14 million.

Another 148 are being investigated for their suspected involvement in loan scams and loansharking activities involving transactions exceeding $300,000.

Fifty-seven were arrested for their suspected involvement in unlicensed moneylending activities and cheating offences.

Police investigations are ongoing.

The offence of cheating carries an imprisonment term of up to 10 years and a fine.

The offence of money-laundering carries an imprisonment term of up to 10 years and a fine up to $500,000.

Under the Moneylenders Act 2008, first-time offenders found guilty of assisting in carrying on the business of unlicensed moneylending shall be liable to a fine not less than $30,000 and not more than $300,000, with mandatory imprisonment of up to four years and mandatory caning of up to six strokes.

In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than $30,000 and not more than $300,000 with mandatory imprisonment of up to seven years and mandatory caning of up to 12 strokes.