12-year-old among 189 people investigated over suspected unlicensed moneylending activities

When an individual’s checking account, ATM card or Internet banking token is used to facilitate moneylending by an unlicensed moneylender, that individual is presumed to have assisted in carrying on the enterprise of unlicensed moneylending, SPF mentioned.First-time offenders withstand 4 years in jail, a effective of between S$30,000 and S$300,000, and as much as six strokes of the cane.First-time offenders convicted of committing or making an attempt to commit acts of harassment on behalf of unlicensed moneylenders withstand 5 years in jail, a effective of between S$5,000 and S$50,000, and between three and 6 strokes of the cane.Those discovered responsible of offering false contact info to acquire loans from unlicensed moneylenders might be jailed for as much as 12 months. “The police will continue to take tough enforcement action against those involved in the unlicensed moneylending businesses, regardless of their roles, and ensure that they face the full brunt of the law,” SPF mentioned.“This includes taking action against those who open or give away their bank accounts to aid unlicensed moneylenders.”SPF added that unlicensed moneylenders have been more and more utilizing textual content messaging and online platforms to ship unsolicited mortgage ads. Members of the general public are suggested not to reply to these ads and to report them as spam.