A total of 92 individuals, aged between 18 and 88, are being investigated by the police for their alleged involvement in unlicensed moneylending activities.

Police said on Thursday (Nov 5) evening that officers from the Criminal Investigation Department and seven police land divisions conducted an an islandwide enforcement operation from Oct 26 to 30.

Preliminary investigations revealed that nine people had allegedly harassed debtors at their residences, while 38 others were runners who assisted in unlicensed moneylending activities by carrying out ATM transfers.

Also under investigation are 43 individuals who are believed to have opened bank accounts and provided their ATM cards, personal identification numbers as well as internet banking tokens to unlicensed moneylenders to facilitate their illegal operations.

One person, who purportedly provided his mobile numbers to unlicensed moneylenders, and another person who operated as an unlicensed money lender, are also being investigated.

Police investigations against all 92 individuals are ongoing.

If found guilty of acting on behalf of an unlicensed moneylender to commit or attempt to commit any acts of harassment, the suspects may be jailed for up to five years, fined between $5,000 and $50,000, and receive three to six strokes of the cane.

Those found guilty of facilitating moneylending by an unlicensed moneylender using a bank account, ATM card or internet banking token face a jail term of up to four years, a fine between $30,000 and $300,000, and up to six strokes of the cane. 

Additionally, those who allow their bank accounts to be used by unlicensed moneylending syndicates for illicit transactions may face prosecution and a ban from using ATM and internet banking facilities for a year.

The police also advised members of the public to stay away from unlicensed moneylenders and avoid working for or assisting them in any way. 

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editor@asiaone.com 

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