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Oct 22, 2009
8 nabbed in loanshark raid <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Reico Wong </td></tr> </tbody></table>
EIGHT more people - five men and three women - were arrested for suspected involvement in loanshark activities in pre-dawn raids carried out by police on Thursday. During the three-hour operation, raids were conducted simultaneously at various housing estates such as Bedok North, Boon Lay, Eunos, Ghim Moh, Jurong West, Tampines, Toa Payoh and Serangoon. Police also seized loanshark paraphernalia such as ATM cards, bank books, bank statements and stacks of bank slips. Preliminary investigations indicated that five of the eight suspects, aged between 19 and 33 years, had assisted loansharks by allowing their bank accounts to be used for illegal moneylending activities to offset their debts. The others also did the same in return for fast cash. Investigations are on- going. First-time offenders found guilty of operating as loansharks or assisting loansharks in their business may be fined up to $200,000, or jailed up to two years, or both. Repeat offenders can be fined up to $200,000 and jailed up to five years.
Oct 22, 2009
8 nabbed in loanshark raid <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Reico Wong </td></tr> </tbody></table>
EIGHT more people - five men and three women - were arrested for suspected involvement in loanshark activities in pre-dawn raids carried out by police on Thursday. During the three-hour operation, raids were conducted simultaneously at various housing estates such as Bedok North, Boon Lay, Eunos, Ghim Moh, Jurong West, Tampines, Toa Payoh and Serangoon. Police also seized loanshark paraphernalia such as ATM cards, bank books, bank statements and stacks of bank slips. Preliminary investigations indicated that five of the eight suspects, aged between 19 and 33 years, had assisted loansharks by allowing their bank accounts to be used for illegal moneylending activities to offset their debts. The others also did the same in return for fast cash. Investigations are on- going. First-time offenders found guilty of operating as loansharks or assisting loansharks in their business may be fined up to $200,000, or jailed up to two years, or both. Repeat offenders can be fined up to $200,000 and jailed up to five years.
