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23 arrested for alleged loansharking

Ultimate Warrior

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23 arrested for alleged loansharking

Posted: 12 October 2012 2127 hrs

SINGAPORE: Police in Singapore have arrested 23 people on suspicion of loansharking.

The suspects, aged between 18 and 65 years, were nabbed in a round-the-clock operation, comprising simultaneous raids conducted from Wednesday to Thursday.

The suspects are believed to have opened bank accounts to facilitate unlicensed money lending.

They are believed to have given the automated teller machine (ATM) cards and personal identification numbers (PINs) of their accounts to loanshark syndicates.

Several bank cards and transaction receipts were seized from the suspects.

Police investigations are ongoing.

Under the Moneylenders Act, first-time offenders found guilty of assisting in unlicensed money lending may be fined between S$30,000 and S$300,000.

They can also be imprisoned for up to four years, and given up to six strokes of the cane.

- CNA/xq
 

BicycleChain

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Under the Moneylenders Act, first-time offenders found guilty of assisting in unlicensed money lending may be fined between S$30,000 and S$300,000.

From 30k to 300k, that's a very wide margin for a 1st timer. So, giving of bank accounts is 30k or 300k fine?
 

Pervert

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[video=youtube;5m2oYL4lLCI]http://www.youtube.com/watch?v=5m2oYL4lLCI[/video]

Everytime I see ah long threa I rememebr this song.:biggrin:
 
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