98 people probed by police for loan shark activities
A total of 98 persons are being investigated by the police for their suspected involvement in unlicensed moneylending activities.
This follows an islandwide operation between Aug 19 and 23 by the Criminal Investigation Department and the seven police land divisions, the police said in a news release on Sept 4.
Nine people had allegedly harassed debtors at their homes, preliminary investigations showed. Another 43 are said to have assisted in unlicensed moneylending activities by carrying out ATM transfers.
The remaining 46 people are believed to have opened bank accounts and provided details such as ATM cards, passwords and internet banking tokens to loan sharks for illegal activities, police added.
Investigations against all 98 people – aged between 13 and 76 – are ongoing.
Those found guilty of carrying on or assisting in an unlicensed moneylending business could be jailed for up to four years, fined between $30,000 and $300,000, and get up to six strokes of the cane on the first offence.
People convicted of acting on behalf of a loan shark to commit any act of harassment, or try to do so, could be jailed for up to five years, fined between $5,000 and $50,000, and get three to six strokes of the cane on the first offence.
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