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Singapore investigates loan-sharking activities

Singaporean authorities are currently investigating 112 suspects in connection with loan-sharking activities.
Singapore investigates loan-sharking activities (Photo: straitstimes.com)
Singapore investigates loan-sharking activities (Photo: straitstimes.com)

Singapore (VNA) 🐠– Singaporean authorities are currently investigating 112 suspects in connection with loan-sharking activities.

Of the 112 individuals, 22 are believed to have harassed debtors at their residences. Meanwhile, 47 others allegedly facilitated illegal moneylenders by executing ATM transfers on their behalf, acting as intermediaries in the unlawful operations. One individual was reported to have supplied six SIM cards to an illegal moneylender, helping them maintain anonymity while conducting their business.
The remaining 42 suspects were involved in opening and managing bank accounts that were used by the illegal lenders to launder funds and conduct transactions.
The suspects are aged between 16 and 77. Investigations are still ongoing as authorities work to identify the full extent of the network and its operations. Under Singaporean law, first-time offenders involved in illegal moneylending risk imprisonment for up to five years, fines ranging from 5,000 SGD (3,800 USD) to 50,000 SGD (38,000 USD), and corporal punishment, with offenders receiving three to six strokes of the cane./.
VNA

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