SINGAPORE – A total of 124 people, aged between 17 and 69, are being investigated for their suspected involvement in unlicensed moneylending activities, the police said on Friday.

Officers from the Criminal Investigation Department and seven police land divisions conducted simultaneous raids islandwide from Oct 19 to 25.

Preliminary investigations revealed that eight of the suspects had allegedly harassed debtors at their homes, while another 41 are believed to be runners who had allegedly carried out ATM transfers for the illegal moneylending businesses.

The remaining 75 suspects had allegedly opened bank accounts and provided their ATM cards, personal identification numbers or Internet banking tokens to unlicensed moneylenders to facilitate their unlicensed moneylending businesses.

The police said that a person is presumed to have assisted in an unlicensed moneylending business if his bank account, ATM card or Internet banking token is used to facilitate moneylending by an unlicensed moneylender.

Those found guilty of carrying out or assisting an unlicensed moneylending business can be jailed for up to four years, fined between $30,000 and $300,000, and receive up to six strokes of the cane on the first conviction.

A person found guilty of committing or attempting to commit an act of harassment on an unlicensed moneylender’s behalf can be jailed for up to five years, fined $5,000 to $50,000 and receive three to six strokes of the cane.

“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 police said, advising the public not to work with or assist unlicensed moneylenders.

If individuals suspect that someone is involved in unlicensed moneylending, they can call the police on 999 or the X-Ah Long hotline on 1800-924-5664.