Singapore — Police arrested 16 people during a 12-hour crackdown on loansharking activities Tuesday and Wednesday in Singapore.
The suspects, 14 men and two women, are believed to be part of an illegal moneylending syndicate responsible for over 340 loanshark harassment cases throughout Singapore, said reports.
Police say the suspects, aged between 24 and 61 years old, were involved in such activities as siphoning crime proceeds linked to unlicensed moneylending activities out of Singapore, carrying out ATM transfers, distributing flyers promoting illegal loan facilities and giving away their bank accounts to facilitate their unlicensed moneylending business, reported The Straits Times.
In the raids, police seized mobile phones, ATM cards, internet banking devices, and over $8,200 in cash, as well as other loansharking-related paper records.
The police raids were conducted at various locations, including Jurong, Woodlands, Marsiling, Yishun, Hougang, Toa Payoh, Boon Keng, Kallang, Tampines and Pasir Ris.
Singapore law says anyone found guilty of operating or assisting in the operating of a loansharking business may be fined S$30,000 to $300,000, with mandatory imprisonment of up to four years and up to six strokes of the cane.
Police advised the public to stay away from loansharks and not to work with or assist in loansharking activities in any way.