How many suspects allegedly provided bank accounts and ATM cards?

Question

Accepted Answer

69 Individuals Investigated for Suspected Unlicensed Moneylending Activities

Singapore police are investigating 69 individuals, with ages ranging from 15 to 76, for suspected involvement in unlicensed moneylending. These investigations followed islandwide raids conducted between July 1 and July 7, involving officers from the Criminal Investigation Department and various police divisions. Preliminary findings from these operations revealed that nine individuals had engaged in harassing debtors at their residences, while 15 others acted as runners, facilitating ATM transfers for illegal lending operations.
36 Suspects Allegedly Facilitated Illegal Lending Through Bank Accounts

A significant portion of the investigated individuals, specifically 36 suspects, are believed to have opened bank accounts and subsequently handed over their ATM cards, PINs, or internet banking tokens. This action is understood to have facilitated the operations of unlicensed lending activities. The age range of these suspects is broad, encompassing individuals from 15 to 76 years old.
Nine Individuals Probed for Cross-Border Moneylending

In addition to the domestic investigations, police are also examining nine other individuals for suspected involvement in cross-border moneylending. This aspect of the investigation was initiated based on information received from Malaysian counterparts. These nine individuals, aged between 18 and 67, are alleged to have provided mobile numbers and bank accounts to unlicensed lenders operating in both Malaysia and Singapore.
Consequences Under Singapore Law

Authorities have emphasised that providing phone lines, bank accounts, ATM cards, or internet banking tokens to assist unlicensed lenders constitutes an offense under Singapore law. It is considered to be carrying on or assisting in such operations. First-time offenders convicted of carrying on or assisting in unlicensed moneylending face severe penalties, including imprisonment of up to four years, 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 of up to five years, fines between S$5,000 and S$50,000, and three to six strokes of the cane.

Reading history

Hide →

This history is cleared when the page is closed.

How many suspects allegedly provided bank accounts and ATM cards?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends