How many individuals are suspected of providing bank accounts to lenders?

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69 Individuals Under Investigation for Suspected Involvement in Unlicensed Moneylending

Singapore police are investigating 69 individuals, with ages ranging from 15 to 76, for their suspected involvement in unlicensed moneylending activities. These individuals were apprehended during a seven-day operation conducted by officers from the Criminal Investigation Department and seven police land divisions between July 1 and July 7. The scope of the investigation encompasses various roles within the illegal lending network, including those who facilitated transactions and those allegedly involved in cross-border operations.
Suspects Apprehended in Islandwide Raids

The operation, which took place from July 1 to July 7, resulted in the apprehension of 69 individuals across Singapore. These suspects are believed to have played different roles in supporting unlicensed moneylending operations. Preliminary findings indicate that nine individuals engaged in harassing debtors at their residences, while 15 acted as runners, facilitating ATM transfers for the lenders.
Facilitating Illegal Lending Through Bank Accounts and Credentials

A significant portion of the investigated individuals, numbering 36, are believed to have opened bank accounts and subsequently provided their ATM cards, PINs, or internet banking tokens to facilitate illegal lending. This action is considered by authorities to be a direct contribution to the operations of unlicensed lenders.
Cross-Border Moneylending Operations Under Scrutiny

Further investigation, prompted by information from Malaysian counterparts, has identified nine additional individuals, aged between 18 and 67, suspected of engaging in cross-border moneylending. This group, comprising three men and six women, allegedly supplied mobile numbers and bank account details to unlicensed lenders operating in both Malaysia and Singapore.
Legal Ramifications for Assisting Unlicensed Moneylending

Authorities have emphasized that supplying phone lines, bank accounts, ATM cards, or internet banking tokens to aid unlicensed lenders constitutes carrying on or assisting in such operations. First-time offenders convicted of these offences under Singapore law face penalties including up to four years of imprisonment, fines ranging from S$30,000 to S$300,000, and potentially up to six strokes of the cane. Those found guilty of harassment on behalf of unlicensed lenders risk imprisonment for up to five years, fines between S$5,000 and S$50,000, and three to six strokes of the cane.

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How many individuals are suspected of providing bank accounts to lenders?

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