Cases of unlicensed moneylending activities down in Bedok

SINGAPORE: Cases of unlicensed moneylending in Bedok have gone down, with increased awareness on the ills and consequences of such activities.

Minister of State for National Development and Trade and Industry, Lee Yi Shyan revealed this at an Anti—Unlicensed Money Lending Roadshow held on Saturday.

Mr Lee, who is MP for the area, said: "From time to time, we hear of cases that residents are being harassed by this unlicensed money lending activities. Some of them are innocent, some of them are neighbours, some of them have just moved in.

"So through this campaign, we want to help residents understand what the normal tactics they use, and how we can be part of this overall effort to reduce the number of loan—shark activities.

"The good news is that last year, we already reduced by 500 over cases, so I think if we pool together, we can even hopefully eliminate such activities in Bedok."

The roadshow included an exhibition to warn residents against borrowing from loan sharks.

Residents were also introduced to a new crime prevention initiative — The SMS Crime Alert, a free service where they can get updates on the latest crime trends in their neighbourhood.

— CNA/ck