Crackdown on Singapore Unlicensed Moneylending Operation Nets 128 Suspects

June 10, 2024
Singapore unlicensed moneylending operation


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)


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.



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.

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