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SINGAPORE: A 13-year-old boy was among 316 people arrested for his alleged involvement in loan-robbery activities, police said in a press release on Tuesday (February 9).
They were detained in simultaneous raids across the island during a three-week operation that ended Sunday. Officers from the Criminal Investigation Department and seven police ground divisions participated in the raids.
Preliminary investigations revealed that 33 of the suspects had allegedly carried out harassment at the debtors’ place of residence.
Sixty-eight suspects are believed to be brokers who assisted loan sharks in their business by making transfers at automated teller machines (ATMs).
A photo of the prepaid SIM cards seized during the operation. (Photo: Singapore Police)
The 215 remaining suspects allegedly opened bank accounts and provided their ATM cards, personal identification numbers or bank tokens over the Internet to loan sharks to facilitate their unlicensed loan deals, police said.
During the operation, a total of S $ 52,000 in cash and items such as mobile phones and prepaid SIM cards were seized, authorities said.
Investigations against all suspects are ongoing.
A mobile phone and ATM cards seized during a three-week anti-counterfeiting operation. (Photo: Singapore Police)
Under the Lenders Act, when a person’s bank account, ATM card, or internet banking tokens is used to facilitate the activities of an unlicensed lender, that person is presumed to have helped carry out the loan business Unlicensed.
First-time offenders found guilty of this could be fined between S $ 30,000 and S $ 300,000, jailed for up to four years and receive up to six strokes of spanking.
Those found guilty of acting on behalf of an unlicensed lender, committing or attempting to commit acts of harassment face a fine of between S $ 5,000 and S $ 500,000. They could also be jailed for up to five years and flogged between three and six strokes.
Police have warned that loan sharks are increasingly sending unsolicited loan advertisements via text messages or online platforms, and said they will continue to crack down on those involved in the loan business.
“This would include taking action against those who open or give away their bank accounts to help unlicensed lenders,” police added.
