Tag: loan sharks

Police raids net 237 people for suspected loansharking activities

Singapore -- The police have arrested 237 people (160 men and 77 women) between the ages of 13 and 77 for suspected involvement in loansharking activities. The suspects were picked up in an 11-day operation from July 20 to 30 involving officers from the Criminal...

1,700 people fall prey to loan scams with losses amounting to S$6.8 million in 2019

Singapore—There were 1,700 reported cases of loan scams from January to November 2019. Victims lost about S$6.8 million from the scams. According to the Straits Times, there were only 990 cases of loan scams in 2018 with losses amounting to S$2 million. Police said in an...

Johor loan sharks targeting Singapore workers jailed

Johor Baru — Loan sharks are targeting workers in Singapore and charging interest rates of 24 percent to 60 percent per year. After a series of raids in Johor Baru, police have arrested 21 loan sharks that have been running illegal money lending operations. They...

Remittance firms charging maids exorbitant interest fees on loans will be stopped, says MAS

To protect the interests of foreign domestic helpers, the Monetary Authority of Singapore (MAS) strongly prohibits remittance firms to continue providing loan services to these hapless domestic workers. Such prohibition will be implemented beginning September 10, 2019. However, the rule will not cover existing loans,...