Man arrested for loansharking activities
Man arrested for loansharking activities
Posted: 03 December 2010 1533 hrs
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SINGAPORE : Police have arrested a 30-year-old man for suspected involvement in loansharking activities.
Preliminary investigations revealed that the suspect had opened at least four bank accounts and given away his ATM cards and Personal Identification Number (PIN) to loansharking syndicates to facilitate their business of unlicensed moneylending.
He is also believed to have assisted the loansharks in the recruitment of other potential bank account holders and arranging to ferry other runners to carry out loanshark harassments islandwide.
The suspect will be charged in court on Saturday for offences under the Moneylenders Act.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined not less than $30,000 and not more than $300,000, be imprisoned for a term not exceeding 4 years and shall also be liable to be punished with caning with not more than 6 strokes.
- CNA /ls
