17-year-old teen arrested for loansharking
AsiaOne
Tuesday, Oct 09, 2012
SINGAPORE - Police have arrested a 17-year-old teen for his suspected involvement in loanshark activities.
On October 9 at about 6am, police officers arrested him in the vicinity of Boon Lay Drive.
Preliminary investigations revealed that the suspect had given away his ATM cards and Personal Identification Numbers (PIN) to a loanshark syndicate to facilitate the business of unlicensed money lending.
Investigations against the suspect are ongoing.
Under the Moneylenders Act, a person is presumed to have assisted in the business of an unlicensed money lender if his or her bank account or ATM card is used to facilitate the business of unlicensed money lending.
First-time offenders found guilty may be fined up to $300,000, imprisoned for a term of up to four years and/or caned up to six strokes.
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