SINGAPORE — Mr Alan had no idea that his employee had borrowed from “loan sharks” until he was harassed with almost 120 calls over three daysWhile harassment from unlicensed moneylenders, or loan sharks, is nothing new, some illegal lenders have adopted new technologically savvy means.
Experts and Members of Parliament see socioeconomic issues as the root of the problem and suggest ways to tackle it Mr Alan’s brush with “Ah Longs”, a colloquial term derived from the Cantonese phrase for illegal moneylenders, despite him not having borrowed a cent from them is not unique. “When I walked towards them, they asked me, ‘Is it for this address? This is a scam, a fake order. It’s a loanshark case’,” said Mr Pereira, who reported the incident to the delivery platform and was told to discard the food.
From January to May 2024, 8.6 per cent of unlicensed money lending arrests involved youths between the ages of 14 and 19, a spike from 3.1 per cent for the corresponding period in 2023.old who was arrested on June 5, for suspected involvement in setting a fire outside a flat at Yishun Avenue 6. With the “Ah Long” menace being a never-ending story, TODAY takes a closer look at how unlicensed moneylender harassment tactics have evolved in this digital age, and why this illicit industry persists.Before the dawn of the digital age, spraying paint and locking gates were among the unlicensed moneylenders’ favourite tools of the trade.
However, unlicensed money lenders had to reduce such “open harassment” tactics when the authorities installed closed-circuit television cameras in all lifts and at lift landings, said Ms Priya. The intimidation, which continued for over a month in 2010, included continuous calls looking for his father who had borrowed the money, and vulgarities and threats over the phone.
She noted that the persons involved in harassing borrowers may not be the actual moneylenders, but other individuals they engage known as runners. She recalled her recent case where an unlicensed moneylender had contacted the borrower’s estranged wife and mother-in-law on Instagram, and sent them threatening messages in an attempt to demand payment.
A combination of factors finally put a stop to the harassment, including making a police report, unplugging his land line and urging Lalamove to ban the account that was sending orders to his house.Despite the plethora of strictly regulated licensed money lending alternatives and the exorbitant interest rates charged by loan sharks, many still resort to borrowing money from illegal moneylenders due to financial and socioeconomic reasons, financial experts told TODAY.
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