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13-year-old amongst 107 suspects below probe for mortgage shark hyperlinks, Latest Singapore News

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A complete of 107 folks, between 13 and 74 years previous, are being investigated for his or her suspected involvement in unlicensed moneylending actions.

The police carried out raids islandwide throughout a five-day anti-unlicensed moneylending operation between July 25 and July 29.

In a press release on Tuesday (Aug 2), the police stated preliminary investigations revealed that three of the suspects had allegedly harassed victims at their residences, whereas 23 suspects are believed to be runners who had helped unlicensed moneylending companies perform automated teller machine (ATM) transfers or take photographs of debtors’ residences.

One suspect allegedly assisted unlicensed moneylenders by subscribing to cellular strains. Another suspect can also be believed to have supplied false contact data to an unlicensed moneylender, resulting in the harassment of an harmless sufferer.

The different 79 suspects are believed to have opened financial institution accounts and given unlicensed moneylenders their ATM playing cards, private identification numbers and Internet banking tokens.

Under the Moneylenders’ Act, when a checking account, ATM card or Internet banking token of any individual is used to facilitate unlicensed moneylending, that individual is presumed to have helped the method.

Investigations in opposition to all of the suspects are ongoing.

Offenders discovered responsible of helping in a enterprise of unlicensed moneylending might be jailed for as much as 4 years, fined between $30,000 and $300,000, and given as much as six strokes of the cane.

Those discovered responsible of committing or trying to commit any acts of harassment on behalf of an unlicensed moneylender might be fined between $5,000 and $50,000, jailed for as much as 5 years, and might be punished with caning of between three and 6 strokes.

Anyone discovered responsible of offering false contact data to acquire loans from unlicensed moneylenders will also be jailed for as much as 12 months.

The police stated: “Unlicensed moneylenders are increasingly using text messaging or online platforms to send unsolicited loan advertisements. Members of the public are reminded not to reply or respond to such advertisements and to report these messages as spam.”

The public can name the police at 999 or the X-Ah Long hotline at 1800-924-5664 if they believe or know of anybody who may very well be concerned in unlicensed moneylending actions.


13-year-old amongst 107 suspects below probe for mortgage shark hyperlinks, Latest Singapore News.
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