6 men to be charged in connection with moneylending syndicate
The syndicate is believed to be responsible for at least 25,500 ScamShield reports and at least 1,509 police reports, of which 883 were related to unlicensed moneylending.
Six men will be charged in court for their involvement in an unlicensed moneylending syndicate, according to the police on Thursday (Aug 13). The syndicate is believed to be responsible for at least 25,500 ScamShield reports and 1,509 police reports, with 883 of those related to unlicensed moneylending. The men, aged between 18 and 77, are among eight arrested during a nationwide operation targeting the syndicate and fraudulent mobile phone retailers.
Preliminary investigations reveal the men assisted the syndicate by sending bulk SMS advertisements, topping up mobile numbers, and providing bank accounts for illicit activities. The police seized over S$410,000 in cash, electronic devices, SIM cards, and bank cards during the raids. The six men face charges under Section 19 of the Moneylenders Act 2008, while the other five suspects are under investigation for SIM card fraud.
Unlicensed moneylending syndicates rely on a network of individuals, including runners, bank account holders, and SIM card facilitators, the police stated.
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