508 nabbed, including 14-year-old, for alleged involvement in illegal moneylending and scams

SINGAPORE - Some 508 people are under investigation for suspected offences linked to over 2,600 illegal moneylending and scams involving about $14.3 million, following a 10-day enforcement operation.

The suspects - 340 men and 168 women - are aged between 14 and 71, police said in a statement on Friday (July 14).

Of them, 360 of them are being investigated by officers from the Bedok Division for their suspected involvement in scams, which are mainly related to e-commerce, investment, job, tech support, phishing, and money laundering offences involving transactions over $14 million.

Another 148 people are being investigated for their suspected involvement in loan scams and loan sharking activities involving transactions of over $300,000.

Of the 508, 57 people were arrested for their suspected involvement in unlicensed moneylending activities and cheating offences.

Police investigations are ongoing.

The offence of cheating carries a jail term of up to 10 years and a fine, while those guilty of money laundering can be jailed up to 10 years, fined up to $500,000, or both.

First-time offenders found guilty of assisting in carrying on the business of unlicensed moneylending can be fined up to $300,000, with a jail term of up to four years and up to six strokes of the cane.

If they are found to offend again, they can be fined up to $300,000, with a jail term of up to seven years and up to 12 strokes of the cane.

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Commander of Bedok Police Division, Assistant Commissioner of Police Justin Wong, said: "This operation reflects the police's commitment to combat the scourge of scams and unlicensed moneylending.

"We urge the public to stay vigilant and not let their banking facilities be used for criminal activities. I commend officers for their efforts in bringing the subjects to justice and to stop them from harming more victims."

For more information on scams, members of the public can visit www.scamalert.sg or call the anti-scam hotline at 1800-722-6688.

Anyone with information on such scams may call the police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.

This article was first published in The Straits Times. Permission required for reproduction.

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