78-year-old suspect and 20 others arrested in island-wide loansharking blitz
AsiaOne
Tuesday, Feb 26, 2013
SINGAPORE - Police arrested 21 people, 14 men and 7 women, in an island-wide anti-loansharking operation on Feb 25 and 26.
Officers from Ang Mo Kio Police Division conducted simultaneous raids at various locations including Marsiling, Jurong, Bedok and Changi estates during the two-day operation.
Preliminary investigations revealed that these suspects, aged between 19 and 78, helped loansharks to facilitate their illegal money lending activities. They opened banks accounts for them and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs).
The suspects agreed to assist the loansharks either for monetary gains or to off-set their debts.
One of them was also arrested for providing false contact information while obtaining the loan and for failing to report change of address.
Investigations are currently ongoing.
Under the Moneylenders' Act, when a bank account or ATM card of any person is used to facilitate unlicensed moneylending, that person is presumed to have assisted in the the business of unlicensed moneylending.
If found guilty, first-time offenders may be fined between $30,000 and $300,000, sentenced to a maximum of four years' jail and caning of not more than six strokes.
Additionally, any person who provides false contact information to obtain loans from loansharks may be imprisoned for up to 12 months.
Those found guilty of failing to report a change of address may be fined up to $5,000, imprisoned for up to 5 years, or both.
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