Police say they have smashed an illegal moneylending syndicate
after an island-wide raid on Tuesday.
They arrested 12 Singaporean men, between the ages of 26 and 43
years, and seized over $10,000 in cash, together with other items
like personal computers, handphones, pagers and bank records.
Members of this syndicate are believed to be responsible for more
than 40 cases of harassment against the debtors over the past 12
months.
The seven-and-a-half hour operation covered 14 locations including
HDB flats in Geylang, Eunos Avenue, Bedok, Sengkang and Ang Mo
Kio.
Preliminary investigations reveal the syndicate operated from 3pm
to 10pm daily and relied heavily on computers to main their
clients' records and the loans issued.
They would resort to harassing debtors who failed to pay by posting
debtors' notices and splashing paint or coffee at their
doors.
The syndicate is believed to have at least 800 debtors, with loans
ranging between $300 and $2000.
The syndicate had an estimated $300,000 worth of live loans and a
total taking per month estimated at about $50,000.
It is estimated that more than $300,000 worth of loans were given
out monthly by the syndicate, generating profits of $50,000 a
month.
Some of the suspects will be charged in court Thursday with
operating a business as an unlicensed moneylender .
First-time offenders found guilty could be fined between $10,000
and $100,000.
Repeat offenders could be fined between $20,000 and $200,000, or
jailed up to a year, or both fined and jailed. - CNA
