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</td><td colspan="2" valign="top" width="784">20 arrested in connection with loan-sharking activities
Posted: 08 January 2010 1611 hrs
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SINGAPORE: Police have nabbed 20 people, mostly men, for assisting in the business of unlicensed moneylending.
They were arrested in raids conducted in Ang Mo Kio, Bedok, Hougang and Robinson Road.
Preliminary investigations showed that the 20 suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to loan-sharking syndicates for loan-sharking activities.
Moreover, 17 of them are believed to be debtors themselves.
All the bank accounts have been seized and investigations are in progress.
Under the Moneylenders Act, when a bank account or an ATM card of any person is proven to have been used to facilitate the business of an unlicensed moneylender, that person is presumed - until the contrary is proven - to have assisted in the business.
First-time offenders found guilty of such an offence may be fined up to S$200,000 or jailed a maximum of two years, or both.
Repeat offenders face a fine of up to S$200,000 and a mandatory jail term of up to five years.
- CNA/sc
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</td><td colspan="2" valign="top" width="784">20 arrested in connection with loan-sharking activities
Posted: 08 January 2010 1611 hrs
<table align="right" border="0" cellpadding="0" cellspacing="0" width="260"> <tbody><tr> <td align="right" width="20"></td> <td align="right" width="240">
</td> </tr> <tr> <td></td> <td class="update"></td> </tr> <tr> <td></td> <td>
</td> </tr> </tbody></table>
SINGAPORE: Police have nabbed 20 people, mostly men, for assisting in the business of unlicensed moneylending.
They were arrested in raids conducted in Ang Mo Kio, Bedok, Hougang and Robinson Road.
Preliminary investigations showed that the 20 suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to loan-sharking syndicates for loan-sharking activities.
Moreover, 17 of them are believed to be debtors themselves.
All the bank accounts have been seized and investigations are in progress.
Under the Moneylenders Act, when a bank account or an ATM card of any person is proven to have been used to facilitate the business of an unlicensed moneylender, that person is presumed - until the contrary is proven - to have assisted in the business.
First-time offenders found guilty of such an offence may be fined up to S$200,000 or jailed a maximum of two years, or both.
Repeat offenders face a fine of up to S$200,000 and a mandatory jail term of up to five years.
- CNA/sc
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