Five men and two women, aged between 22 and 63, are being investigated for their suspected involvement in assisting the business of an unlicensed moneylending syndicate.
Officers from the Criminal Investigation Department conducted simultaneous raids at multiple locations island-wide In an operation conducted between Sep 15 and 17.
Preliminary investigations revealed that the unlicensed moneylending syndicate is also responsible for allegedly perpetrating loan scams in Singapore.
During the operation, cash amounting to about $82,000, over 100 ATM cards and several mobile phones were seized as case exhibits.
Of the seven individuals, a 45-year-old man will be charged in court with assisting in a business of unlicensed moneylending under the Moneylenders Act.
For first-time offenders, the offence carries a jail term of up to four years, a fine of between $30,000 and $300,000, and up to six strokes of the cane.
Investigations against the remaining six…