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Oct 30, 2009
Selling bank accounts 'callous' <!--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 Teh Joo Lin </td></tr> </tbody></table> <!-- START OF : div id="storytext"-->
A GROUP of 15 Singaporeans were charged in court on Friday for letting a loanshark syndicate use their bank accounts. They had allegedly opened bank accounts only to hand their ATM cards and personal identification numbers over to the syndicate for activities like debt collection. They are suspected of having done so for money and to avoid harassment from the loansharks, said the police in a statement. Superintendent Goh Lam Kiong, the assistant director of the Specialised Crime Division at the Criminal Investigation Department said: 'The fact that some bank account holders have sold off their own names to others for a profit is a clear sign of callousness.' Supt Goh said bank accounts allow syndicates to perform 'rapid electronic transfers', making it harder for the authorities to trace the money and arrest the masterminds. Under the law, those found to have assisted a loanshark to carry out his business face a maximum punishment of two years' jail and a $200,000 fine.
Oct 30, 2009
Selling bank accounts 'callous' <!--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 Teh Joo Lin </td></tr> </tbody></table> <!-- START OF : div id="storytext"-->
A GROUP of 15 Singaporeans were charged in court on Friday for letting a loanshark syndicate use their bank accounts. They had allegedly opened bank accounts only to hand their ATM cards and personal identification numbers over to the syndicate for activities like debt collection. They are suspected of having done so for money and to avoid harassment from the loansharks, said the police in a statement. Superintendent Goh Lam Kiong, the assistant director of the Specialised Crime Division at the Criminal Investigation Department said: 'The fact that some bank account holders have sold off their own names to others for a profit is a clear sign of callousness.' Supt Goh said bank accounts allow syndicates to perform 'rapid electronic transfers', making it harder for the authorities to trace the money and arrest the masterminds. Under the law, those found to have assisted a loanshark to carry out his business face a maximum punishment of two years' jail and a $200,000 fine.
