17 suspects arrested for being involved in loansharking activities
Posted 30 Jun 2016 10:16
[video=youtube;0GHy0ys1TXc]https://www.youtube.com/watch?v=0GHy0ys1TXc[/video]
SINGAPORE: The police have arrested 17 people, aged between 24 and 62, who are suspected to be involved in loansharking activities.
According to the Singapore Police Force (SPF), the 13 men and four women were arrested in an islandwide anti-loansharking operation, which took place between Jun 27 and Jun 29. During the three-day operation, officers from Jurong Division conducted simultaneous raids at multiple locations in Singapore.
Preliminary investigations revealed that four suspects are believed to be runners who had assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers, said the SPF.
One suspect is believed to have had carried out loanshark harassment by sending debtor notes to a unit at Teck Whye Lane, they added.
The police also arrested one suspect who is believed to have provided false contact information when obtaining loans from loansharks. The remaining 11 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers (PINs) to loansharks to facilitate their unlicensed moneylending business.
Investigations against all the suspects are ongoing.
If convicted of carrying on or assisting in unlicensed moneylending, first-time offenders may be fined between S$30,000 and S$300,000 and imprisoned for up to four years, as well as up to six strokes of mandatory caning. Individuals guilty of providing false contact information to obtain loans from loansharks will also be liable to jail for up to 12 months.
- CNA/ww
