Sep 7, 2010
28 caught in loansharking blitz
<!-- by line --> By Lee Jia Xin
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POLICE have arrested 26 men and two women for suspected involvement in loansharking activities during a 30-hour islandwide operation against unlicensed moneylenders. The suspects, aged between 17 and 58 years, were nabbed in raids at Pandan Garden, Corporation Road, Ang Mo Kio, Tampines, Hougang, Punggol, Bendemeer Road, Telok Blangah Crescent, Hillview Avenue, Sembawang, Woodland Drive and Yuan Ching Road.
ATM cards, bank transaction slips and cash were seized. Preliminary investigations revealed that 27 had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to loansharking syndicates to facilitate the business of unlicensed moneylending.
The last suspect is believed to have assisted loansharks in their business by conducting fund transfers via the ATM. Investigations are ongoing. First-time offenders found guilty of assisting in the business of an unlicensed moneylender can be fined up to $300,000, jailed for up to four years and caned up to six strokes.
