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Wednesday, February 20th, 2019

Man Arrested For Operating Unlicensed Moneylending And Remittance Business

by November 7, 2018 Politics

The Police have arrested a 68-year-old man for his suspected involvement in operating a moneylending business without a valid licence issued by the Ministry of Law, as well as carrying out a remittance business without a valid licence issued by the Monetary Authority of Singapore.

On 29 October 2018, the Police received information regarding a man who was providing unlicensed remittance services along Geylang Road on weekends. Through follow-up investigations, officers from the Commercial Affairs Department established the identity of the man and arrested him on 4 November 2018. More than S$3,000 cash and a haversack containing four handphones, transaction records and bank cards were also seized from his possession.

Investigations are ongoing. Any person who is convicted of unlicensed moneylending shall be punished with a fine of not less than $30,000 and not more than $300,000, and with imprisonment for a term not exceeding 4 years. Any person convicted of operating a remittance business without a licence shall, upon conviction, be punished with a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a fine not exceeding $10,000 for every day during which the offence continues after conviction.

The Police will not hesitate to take action against any individual or entity involved in unlicensed remittance businesses (including those that offer unlicensed moneylending). Members of the public are advised to only engage the services of a licenced remittance business.

Source: Singapore Police Force