Singapore cracks down on illegal lending operations
Singaporean police have announced an ongoing investigation into 95 suspects involved in illegal money lending activities, following an operation conducted between November 11-15.
Singapore cracks down on illegal lending operations. Photo courtesy of brainwavescience.com.
Preliminary investigations reveal that five individuals are accused of harassment and intimidation of borrowers, while 40 others are suspected of aiding loan sharks through ATM transactions.
Another 50 suspects allegedly assisted illegal lenders by opening and using their personal bank accounts.
The suspects, ranging in age from 14 to 76, are currently under investigation as authorities work to dismantle the criminal network involved in illegal moneylending.
The investigation is part of Singapore’s broader efforts to curb unlawful lending practices and protect vulnerable individuals from exploitation.
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