How many individuals are under investigation for loan sharking activities?

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69 Individuals Under Investigation for Loan Sharking Activities

Singapore police are investigating 69 individuals for suspected involvement in unlicensed moneylending activities. These investigations followed a series of islandwide raids conducted between July 1 and July 7, with the suspects' ages ranging from 15 to 76 years old.
Roles in Unlicensed Moneylending Operations

Preliminary findings from the raids have identified specific roles played by some of the individuals. Nine suspects are believed to have engaged in harassing debtors, while 15 acted as runners, facilitating transactions through ATM transfers. A further 36 individuals are suspected of opening bank accounts and providing their ATM cards, PINs, or internet banking tokens to facilitate illegal lending operations.
Cross-Border Moneylending Probe

In addition to domestic investigations, authorities are also examining nine other individuals, aged between 18 and 67, for suspected cross-border moneylending. Acting on information received from Malaysian counterparts, this group allegedly supplied mobile numbers and bank accounts to unlicensed lenders operating in both Malaysia and Singapore, indicating a coordinated syndicate.
Legal Implications and Penalties

Supplying phone lines, bank accounts, ATM cards, or internet banking tokens to assist unlicensed lenders is explicitly illegal under Singaporean law and is considered carrying on or assisting in such operations. Convicted first-time offenders face severe penalties, including imprisonment for up to four years, fines ranging from S$30,000 to S$300,000, and potentially caning. Individuals found guilty of harassing debtors on behalf of unlicensed lenders risk up to five years in jail, fines between S$5,000 and S$50,000, and caning.

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How many individuals are under investigation for loan sharking activities?

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