Jun 23, 2010
Loanshark suspect arrested
<!-- by line --> By Lee Jia Xin
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POLICE have arrested a man who is believed to be an unlicensed moneylender after a public tip-off. An ATM card and a bank passbook with numerous bank transactions, were found in the 45-year-old's possession. Preliminary investigations revealed that the suspect is believed to have operated the unlicensed moneylending business solely, and had also been issuing loans and collecting repayments via bank transfers.
The suspect will be charged in court on Wednesday. First-time offenders found guilty of operating the business of an unlicensed moneylender under the amended Moneylenders' Act 2008 can be jailed up to four years and fined up to $300,000, and six strokes of the cane.
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