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.
Cash seized during an enforcement operation on unlicensed moneylending activities by the Singapore Police Force on Aug 12, 2026. (Photo: SPF)
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SINGAPORE: Six men will be charged in court for their suspected involvement in an unlicensed moneylending syndicate believed to be responsible for at least 25,500 ScamShield reports, said the police on Thursday (Aug 13).
They are among eight men and three women, aged between 18 and 77, who were arrested during an islandwide enforcement operation for allegedly assisting in the business of the syndicate.
The operation, involving simultaneous raids at multiple locations on Wednesday, targeted those believed to be involved in the syndicate, as well as errant mobile phone retailers suspected of fraudulently registering postpaid SIM cards that were subsequently used by the syndicate for their activities.
Preliminary investigations showed that the 11 people had assisted the syndicate in various ways, including sending bulk SMS advertisements offering “fast cash” and “easy loans” using Singapore-registered mobile lines and topping up these mobile numbers to facilitate the messaging activities.
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They also acted as runners and provided their bank accounts to facilitate unlicensed moneylending transactions, said the police.
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.
During the police operation, officers seized more than S$410,000 (US$320,000) in cash, two laptops, 22 mobile phones, 14 SIM cards and 24 bank cards as case exhibits.
In addition, 29 bank accounts linked to the syndicate, with a combined balance of more than S$106,000, were frozen, while cryptocurrencies valued at over US$25,000 were also seized.
The six men, aged between 26 and 29, will be charged in court with an offence under Section 19 of the Moneylenders Act 2008.
One of them was also found to have more than 300 vaporisers and related components, with most of the items suspected to contain etomidate. The vaporisers have been sent for testing, and the man is assisting the Health Sciences Authority with investigations under the Tobacco and Vaporisers Control Act 1993.
Investigations into the other five people are ongoing.
Following the raids, another five men, aged between 20 and 52, were identified by the police and are being investigated for their suspected roles in the fraudulent registration of SIM cards that were subsequently used by the syndicate to send bulk SMS advertisements promoting loan services.
Under the Moneylenders Act 2008, first-time offenders found guilty of assisting in the business of unlicensed moneylending can be jailed for up to four years, fined between S$30,000 and S$300,000, and caned up to six strokes.
Those who facilitate the fraudulent registration of a SIM card that aids in criminal activity may be fined up to S$10,000, jailed for up to three years, or both. If convicted, they may also face caning of up to 12 strokes.
It is also an offence to import, distribute, sell, offer for sale or possess for sale vaporisers and their components, tobacco products or imitation tobacco products containing specified psychoactive substances such as etomidate in Singapore, said the police.
Importers may face three to 20 years’ jail, as well as five to 15 strokes of the cane, while suppliers face two to 10 years’ jail, as well as two to five strokes of the cane.
“Unlicensed moneylending syndicates depend on a network of persons to support their operations – from runners and bank account holders to those who enable criminal syndicates to exploit local SIM cards for illicit activities,” said Senior Assistant Commissioner of Police Julius Lim, who is also director of the Criminal Investigation Department.
“The Police will continue to take firm enforcement actions against those involved in unlicensed moneylending activities, regardless of their roles. Those who support these syndicates should expect to be dealt with firmly under the law.”
Members of the public can call the police at 1800-225-0000 or submit information online if they suspect or know of anyone who might be involved in unlicensed moneylending activities, said the police.
Source: CNA/dy(ac)
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