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Jan 21, 2010
Another loanshark runner caught
<!-- by line --> By Reico Wong
POLICE arrested a 40-year-old man for suspected involvement in loanshark activities on Wednesday. Acting on information received, officers managed to nab the suspect at about 10pm at Ang Mo Kio Central. Preliminary investigations revealed that the suspect was believed to have assisted loansharks both by confirming that debtors' units had been harassed by the loanshark's runners as well as verifying ATM transaction receipts of debtors to confirm payment had been made to the loanshark. An ATM card, several ATM transaction receipts and a mobile phone containing debtors' addresses were found in the suspect's posession and seized for investigation. The suspect will be charged in Court on Friday for assisting in carrying on unlicensed moneylending under the Moneylenders' Act 2008. Persons found guilty of assisting in carrying on an unlicensed moneylending business may be fined a minimum of $20,000 or jailed for a term not exceeding 2 years, or both.
Home > Breaking News > Singapore > Story
Jan 21, 2010
Another loanshark runner caught
<!-- by line --> By Reico Wong
POLICE arrested a 40-year-old man for suspected involvement in loanshark activities on Wednesday. Acting on information received, officers managed to nab the suspect at about 10pm at Ang Mo Kio Central. Preliminary investigations revealed that the suspect was believed to have assisted loansharks both by confirming that debtors' units had been harassed by the loanshark's runners as well as verifying ATM transaction receipts of debtors to confirm payment had been made to the loanshark. An ATM card, several ATM transaction receipts and a mobile phone containing debtors' addresses were found in the suspect's posession and seized for investigation. The suspect will be charged in Court on Friday for assisting in carrying on unlicensed moneylending under the Moneylenders' Act 2008. Persons found guilty of assisting in carrying on an unlicensed moneylending business may be fined a minimum of $20,000 or jailed for a term not exceeding 2 years, or both.
