7 investigated over moneylending syndicate, $82,000 seized

Five men and two women, aged between 22 and 63, are being investigated for their suspected involvement in assisting the business of an unlicensed moneylending syndicate.

Officers from the Criminal Investigation Department conducted simultaneous raids at multiple locations island-wide In an operation conducted between Sep 15 and 17.

Preliminary investigations revealed that the unlicensed moneylending syndicate is also responsible for allegedly perpetrating loan scams in Singapore.

During the operation, cash amounting to about $82,000, over 100 ATM cards and several mobile phones were seized as case exhibits. 

Of the seven individuals, a 45-year-old man will be charged in court with assisting in a business of unlicensed moneylending under the Moneylenders Act.

For first-time offenders, the offence carries a jail term of up to four years, a fine of between $30,000 and $300,000, and up to six strokes of the cane. 

Investigations against the remaining six suspects are ongoing.

The police said they will continue to take tough enforcement actions against those involved in the unlicensed moneylending businesses, regardless of their roles, and ensure that they face the full brunt of the law. 

Members of public are advised to stay away from unlicensed moneylenders and not to work with or assist them in any way.

The public can call the Police at ‘999’ or the X-Ah-Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.

Loan scam remains a crime concern in Singapore. To seek scam-related advice, please call the anti-scam hotline at 1800-722-6688 or visit www.scamalert.sg.