O
Orochi
Guest
Singapore
Mar 15, 2010
24 caught in loanshark raids
<!-- by line --> By Reico Wong
<!-- end by line -->
<!-- end left side bar --> <!-- story content : start --> IN ONE of the biggest crackdowns on loansharking activities, police have arrested 24 people in and island-wide operation. The raids, which took place last Wednesday, involved officers storming various locations such as Pandan Loop, Pasir Ris, Chai Chee, Bedok, Ubi Ave, Marine Parade, Tampines, Simei, said police on Monday. They nabbed 21 men and three women, aged between 17 and 58 years old. Preliminary investigations revealed that the suspects were believed to have allowed the loansharks to use their bank accounts for illegal moneylending activities. Investigations are still on-going.
The suspects now face harsher penalties following recent amendments to the Moneylenders Act, which came into effect on Feb 11. First-time offenders found guilty of helping an unlicensed moneylender in his business face a minimum fine of $30,000, and a maximumof $300,000. This is up from the previous fines of $20,000 and $200,000 respectively. They can also be jailed up to four years, from two years previously, or caned up to six strokes.
Mar 15, 2010
24 caught in loanshark raids
<!-- by line --> By Reico Wong
<!-- end by line -->
<!-- end left side bar --> <!-- story content : start --> IN ONE of the biggest crackdowns on loansharking activities, police have arrested 24 people in and island-wide operation. The raids, which took place last Wednesday, involved officers storming various locations such as Pandan Loop, Pasir Ris, Chai Chee, Bedok, Ubi Ave, Marine Parade, Tampines, Simei, said police on Monday. They nabbed 21 men and three women, aged between 17 and 58 years old. Preliminary investigations revealed that the suspects were believed to have allowed the loansharks to use their bank accounts for illegal moneylending activities. Investigations are still on-going.
The suspects now face harsher penalties following recent amendments to the Moneylenders Act, which came into effect on Feb 11. First-time offenders found guilty of helping an unlicensed moneylender in his business face a minimum fine of $30,000, and a maximumof $300,000. This is up from the previous fines of $20,000 and $200,000 respectively. They can also be jailed up to four years, from two years previously, or caned up to six strokes.
