NEWS
Between May 27 and May 31, 2024, the Singapore Police launched a rigorous five-day islandwide operation targeting unlicensed moneylending activities. The Singapore unlicensed moneylending operation involved the Criminal Investigation Department and seven police land divisions. This effort led to the investigation of 128 individuals, ranging from 14 to 73 years old, for their suspected roles in these illegal activities.
Source: Singapore Police Force (SPF)
SITUATION ANALYSIS
The Singapore unlicensed moneylending operation uncovered various roles within the network. Preliminary findings indicate that 17 individuals allegedly harassed debtors at their homes. Another 47 are suspected of acting as runners, facilitating transactions through ATM transfers. Additionally, 64 others allegedly provided crucial banking tools such as bank accounts, ATM cards, and internet banking tokens to support these operations. Investigations into these individuals are ongoing as the police work to dismantle the network thoroughly.
CHALLENGES
- Complex Networks: The operation highlights the sophisticated and well-organized nature of unlicensed moneylending syndicates. Therefore, multi-faceted police strategies are required.
- Public Cooperation: Gaining the public’s assistance in reporting these activities is crucial. However, fear of retaliation from unlicensed lenders makes this difficult.
- Legal Enforcement: Ensuring all participants in these networks face justice under the stringent penalties prescribed by the Moneylenders Act 2008 poses significant enforcement and prosecutorial challenges.
WHY iCOGNATIVE?
iCognative technology, developed by Brainwave Science, utilizes advanced neuroscience to detect whether specific crime-related information is stored in a person’s brain. This is done by measuring brain responses to crime-related stimuli during a non-invasive test. When a suspect recognizes information related to their involvement in unlicensed moneylending activities, their brain emits a distinct signal, which iCognative detects.
- Identifying Key Players: iCognative can pinpoint individuals who have direct knowledge of the illegal operations. It distinguishes between major offenders and minor or unwitting participants.
- Verifying Suspect Claims: This technology can confirm or refute claims made by suspects during interrogations. It checks their brain’s response to specific details of the unlicensed moneylending activities.
- Aiding in Asset Recovery: By confirming involvement in moneylending activities, iCognative can help trace the flow of illegal funds. This assists in the recovery of assets tied to these crimes.
Leveraging iCognative could revolutionize how law enforcement agencies tackle complex financial crimes like unlicensed moneylending. Consequently, this ensures a more thorough investigation and stronger legal outcomes.
Source: Brainwave Science