528 Persons Investigated In Crackdown On Scams And Unlicensed Moneylending Activities

The Police are investigating 528 persons, aged between 14 and 72, for their suspected involvement in over 2,200 cases of scams and unlicensed moneylending activities, following an enforcement operation conducted by Bedok Police Division between 1 and 10 July 2024.

During the 10-day operation, 425 persons were probed for suspected involvement in scams, comprising mainly of e-commerce, investment scams, phishing scams, job scams, rental scams and money laundering offences. The transactions in these cases exceeded S$10 million. Another 103 subjects were investigated for suspected involvement in loan scams and loansharking activities, involving transactions exceeding S$120,000.

A total of 41 persons were placed under arrest for various offences. Investigations against all the persons are ongoing.

The offence of Cheating under Section 420 of the Penal Code 1871 is punishable with an imprisonment term that may extend to 10 years, and a fine. The offence of Money Laundering under the Corruption, Drug-Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 carries an imprisonment term of up to 10 years and a fine up to S$500,000.

Under the Moneylenders Act 2008, first time offenders found guilty of assisting in carrying on the business of unlicensed moneylending shall be liable to a fine not less than S$30,000 and not more than S$300,000, with mandatory imprisonment of up to 4 years and mandatory caning of up to six strokes. In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than $30,000 and not more than S$300,000 with mandatory imprisonment of up to seven years and mandatory caning of up to 12 strokes.

The Police takes a serious view of these offences and will not hesitate to take action against individuals who may be involved in unlawful acts such as scams and unlicensed moneylending activities. Perpetrators will be dealt with in accordance with the law. To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts, bank accounts, or allow their personal bank accounts to be used to receive and transfers money for others. The Police would like to remind members of the public that individuals will be held accountable if they are found to be linked to such crimes.

Commander of Bedok Police Division, Assistant Commissioner of Police Justin Wong commended his officers for their teamwork and dedication in executing the operation and said "Scams and unlicensed moneylending activities destroy lives. Through their irresponsible actions, these individuals commit crime and become the conduit for illegal activity. Through operations like this one, we send a signal that such acts have no place in our community, and the Police will do all that we can to bring these individuals to justice."

Photos of arrests▼

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