SINGAPORE – A 78-year-old is among 165 people being investigated by the police for suspected illegal moneylending activities. Read more at straitstimes.com.
SINGAPORE – A 78-year-old is among 165 people being investigated by the police for suspected illegal moneylending activities.
Eleven of the suspects had allegedly committed acts of harassment at debtors’ homes. These included splashing paint at the doors and sending threatening messages. The remaining 95 are believed to have opened bank accounts and provided their ATM cards, personal identification numbers and, in some cases, their Internet banking tokens, to illegal moneylenders.First-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending can be jailed for up to four years, fined between $30,000 and $300,000, and caned up to six strokes.
In January, the police rounded up 106 suspects following a similar operation between Jan 9 and Jan 13, with the youngest being a 13-year-old.
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