What were you doing when you were 12 years old? The most significant thing one could think of is the most stressful exam in our young life, PSLE. That was also when we realised that we had to leave the school that we have called our second home for the past six years.
But this 12-year-old became involved with an unlicensed moneylender instead because PSLE is so yesterday.
12YO Among 189 People Investigated for Loan Shark Activities
During a two-week anti-unlicensed moneylending operation between 22 Nov and 3 Dec, the police conducted islandwide raids.
From the raids, over 189 people were investigated for their involvement in unlicensed moneylending activities. The activities include harassing victims at their residences.
These people were between 12 and 78 years old.
Of the 189 people, 16 were suspected to have harassed victims at their residences and 37 were suspected to be runners who had helped unlicensed moneylending businesses to carry out ATM transfers.
135 of them allegedly opened bank accounts and gave unlicensed moneylenders their ATM cards, personal identification numbers and Internet banking tokens.
The last one allegedly provided false contact information to the unlicensed moneylender, causing an innocent person to be harassed.
Investigations are still ongoing.
Punishment
In case you’re unaware, even if you are not the one throwing paint on someone’s doorstep, you are deemed to be a helper of the unlicensed moneylender even if you merely gave them your bank account, ATM card or Internet banking token.
For first-time offenders found guilty of assisting unlicensed moneylending, you can be jailed up to four years or fined between S$30,000 to S$300,000 with up to six strokes of the cane.
First-time offenders who were deemed guilty of an act of harassment on behalf of a moneylender can be fined between S$5,000 to S$50,000, thrown behind bars for up to five years with up to three to six canes of strokes.
Do note that the act of harassment does not need to succeed: even an attempt can cause you to face these charges.
If you provide false information to the unlicensed moneylender to obtain loans, you may be punished as well. You will be jailed for up to a year for that offence.
If you know of someone who is involved in unlicensed moneylending activities, you can bao tou to the police or the X-Ah Long hotline at 1800-924-5664.
Do take note that these days Ah long have adapted to technology. They are using text messages and online platforms to send unsolicited loan advertisements.
If you come across such advertisements, ignore them or report these messages as spam.
Watch this video to the end to learn more:
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Featured Image: i viewfinder / Shutterstock.com
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