Police smash loansharking syndicate
POSTED: 05 Jun 2013 2:06 PM
SINGAPORE: Police have smashed a loansharking syndicate and arrested 12 suspects in an island-wide police operation.
Police raids were carried out in Bedok North, Simei, Marine Parade, Ubi, Aljunied, Lengkok Bahru, Potong Pasir, Serangoon and Ang Mo Kio on Tuesday and Wednesday.
The suspects, aged between 23 and 54 years old, include one woman.
More than S$10,200 in cash and loansharking-related paraphernalia such as ATM cards, mobile phones, laptops, bank books, bank security tokens, notebooks and suspected debtors' records, bank transaction slips, envelopes with paper money offering and stacks of flyers were seized.
Police said the suspects are believed to have assisted a loansharking syndicate by delivering illegal proceeds to Malaysia, making ATM transactions, collecting loan repayments and distributing flyers.
The syndicate advertised the loan facilities via flyers and mass SMSes.
Nine of the suspects will be charged in court on Thursday while investigations against the remaining three suspects are ongoing.
If found guilty, the suspects face a fine of between S$30,000 and S$300,000, a jail term of up to four years, and up to six strokes of the cane.
- CNA/jc
