According to the police press release, an island-wide investigation has been conducted against unauthorized money lending activities.

A total of 146 people, aged 14 to 78. They are suspected for their involvement in unlicensed money lending activities.

The two-week anti-licensed money lending operation was carried out between February 14 and 25, 2022, officers from the Criminal Investigation Department and seven police land divisions carried out simultaneous raids throughout the Isle.

Harassment in residences

Preliminary investigations revealed that seven suspects allegedly harassed the debtors’ homes. Another 23 suspects are believed to be runners who aided unlicensed money lending businesses by making ATM transfers.

Selling their ATM card to ah long

The remaining 116 suspects are said to have opened bank accounts and provided their ATM cards, personal identification numbers (PINs) and/or Internet banking tokens to unlicensed lenders to facilitate their unlicensed money lending.

Investigations against all suspects are ongoing.

Under the Moneylenders Act 2008, where a person’s bank account, ATM card or online banking token is used to facilitate the lending of money by an unlicensed moneylender, that person is alleged to have assisted in carrying on the business of lending money without a licence.

First-time offenders convicted of carrying on or assisting in an unlicensed money-lending business will be punished by imprisonment for up to four years, a fine of 30 000 to 300,000 dollars and a caning of up to six strokes.

First-time offenders convicted of acting on behalf of an unlicensed pawnbroker, committing or attempting to commit acts of harassment will be punished with imprisonment for up to five years, a fine of $5,000 to $50,000 and a beating for three to six years. strokes.

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