3 men arrested for loanshark activities
AsiaOne
Wednesday, Jul 17, 2013
SINGAPORE - Police have arrested three men, aged between 19 and 27, for their involvement in loanshark activities in two separate cases.
In the first case, police arrested a 27-year-old man at Boon Lay Place on July 16. Preliminary investigations indicate that the suspect was a debtor-turned-runner. He had assisted loanshark syndicates by procuring Automated Teller Machine (ATM) cards and collecting repayment from debtors. Upon his arrest, a handphone and cash amounting to $1,000 were seized for investigation.
In the second case, police arrested two men, aged 19 and 24, at Bukit Batok Central while conducting anti-crime patrols on July 16. Preliminary investigations indicate that both suspects had assisted loanshark syndicates to collect repayment from debtors. Upon their arrest, one handphone containing debtors' records was seized for investigation.
The suspect in the first case will be charged in court on July 18. Investigations against both suspects in the second case are still ongoing.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the business of an unlicensed moneylender may be fined $30,000 to $300,000, imprisoned for a term not exceeding 4 years and caned a maximum of 6 strokes.
