9 arrested for involvement in loanshark activities
AsiaOne
Thursday, Mar 28, 2013
SINGAPORE - Police have arrested seven men and two women, aged between 35 and 65, for suspected involvement in loansharking activities.
The 9 were arrested on March 25 and March 27.
Eight of the suspects opened bank accounts and gave their ATM cards and Personal Identification Numbers (PINs) to loanshark syndicates to facilitate their businesses.
The remaining suspect is believed to have obtained loans from loansharks by using his previous residential address.
Under the Moneylenders Act, first-time offenders found guilty of loansharking may face a fine between $30,000 and $300,000, be jailed for up to four years and may also be given six strokes of the cane.
Under the same Act, any person who is guilty of providing false contact information to obtain loans from loansharks can be jailed for not more than 12 months.
Under the National Registration Act, any person who is guilty of failing to report a change of address shall be liable to a maximum fine of $5,000 or imprisonment up to five years or both.
