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SINGAPORE – Some 273 people have been arrested in a two-week bombing raid against loan snatching.
In a statement on Tuesday (September 8), police said they arrested 207 men and 66 women, ages 16 to 70, for their alleged involvement in loan-taking activities.
The operation was carried out for fifteen days from August 24 to Sunday (September 6).
During the operation, agents from the Criminal Investigation Department and the seven police ground divisions carried out simultaneous raids in several places on the island.
Police said preliminary investigations revealed that 67 suspects were likely brokers who had helped loan sharks make ATM transfers and collect debts in person.
Seven other suspects are believed to be stalkers who carried out harassment by splattering paint and scribbling loan shark-related graffiti on the walls.
The remaining 199 people arrested are suspected of opening bank accounts and giving away their ATM cards and PINs to loan sharks to facilitate their unlicensed loans.
Police said investigations are underway.
They added that under the Lenders Act (2010 Revised Edition), when anyone’s bank account or ATM card is used to facilitate the loan of money by an unlicensed lender, that person is presumed to have attended the loan without a license.
First-time offenders found guilty of conducting or assisting in the money lending business without a license can be fined between $ 30,000 and $ 300,000, jailed for up to four years and receive up to six strokes of the baton.
Those guilty of acting on behalf of an unlicensed lender, committing or attempting to commit any act of harassment for the first time face a prison term of up to five years, a fine of between $ 5,000 and $ 50,000 and between three and six strokes of walking stick.
Police said they will continue to take strict enforcement measures against those involved in the loan-taking business, regardless of their role, and that they will face the full weight of the law.
“This would include taking action against those who open or give away their bank accounts to help unlicensed lenders,” they added.
Those who suspect or know someone who may be involved in illegal loan-snatching activities can call the police at 999 or the X-Ah Long hotline at 1800-924-5664.
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