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Source: www.spf.gov.sg |
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Unlicensed Moneylending
Syndicate Busted - $130,000 Seized |
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Seventeen Chinese men aged between 17 to 38
years old believed to be members of an unlicensed moneylending (UML)
syndicate were arrested in an island-wide operation conducted on 12
April 07. More than $130,000 in cash was seized. |
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Through intensive intelligence gathering and
surveillance work, Police were able to identify the members of the
syndicate. |
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Fifteen premises in Woodlands, Sengkang, Ang
Mo Kio, Toa Payoh, Hougang, Yishun, Sembawang, Serangoon and Changi were
raided during the operation, which lasted from 8pm on 12 April 07 to 1am
on 13 April 07. |
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Besides cash, the other items seized
included five computers, one printer, one palmtop, some 40 mobile
phones, thumbdrives, an assortment of ATM cards and pre-paid SIM cards,
and some bank books. Documents containing written entries, believed to
be debtors¡¯ records, were also seized, together with tools commonly used
by UML syndicates to harass their debtors, which included marker pens
and tins of paint. |
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Police believe that the syndicate would
typically provide weekly loans charged at a flat interest rate of 20%,
to be repaid in weekly installments. |
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When the debtor default his repayments, the
syndicate would harass them and their guarantors by vandalising public
walls with graffiti or by splashing paint at their units. |
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The UML syndicate used ATMs and Internet
banking to facilitate fund transfers. To protect the secrecy of their
own identities, the syndicate would make use of debtors¡¯ bank accounts
and telecommunication lines. |
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The syndicate is believed to have a monthly
turnover of approximately $500,000/-, with about 1,000 debtors¡¯ records
in their databases, and is also believed to be responsible for at least
230 cases of harassments island-wide. |
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This operation is part of on-going Police
efforts to curb illegal moneylending activities in Singapore. Assistant
Director of Specialised Crime Division, Deputy Assistant Commissioner
Wong Choong Mann says, ¡°Police is determined to suppress unlicensed
moneylending activities in Singapore. We will continue to bring illegal
moneylenders, runners and abettors to task relentlessly.¡± |
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Since the amendment bill of the
Moneylender¡¯s Act came into effect on 1 Jan 06, the fines and
imprisonment terms for offenders have been enhanced. |
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First-time offenders found guilty of
operating a business as an unlicensed moneylender may be fined between
$20,000/- and $200,000/-, jailed a maximum of 2 years, or both. |
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Repeat offenders may face a fine of between
$20,000/- and $200,000/-, and a maximum jail term of 5 years. |
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Persons found guilty of harassing or
intimidating any persons in connection with loans by an unlicensed
moneylender may be fined between $4,000/- and $40,000/-, jailed a
maximum of 3 years, or both. |
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In the case of a second or subsequent
offence, offenders face a fine of between $4,000/- and $40,000/-, and a
maximum jail term of 6 years. |
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Offenders who cause damage to property or
hurt to persons while carrying out harassment activities may also be
liable for caning. |
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
13 April 2007 @ 10.00 am |
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Source: www.spf.gov.sg
News Release 13 Apr 2007 |
Police bust unlicensed moneylending
syndicate
