10 arrested in crackdown on loanshark syndicate
AsiaOne
Thursday, Jan 31, 2013
In an island-wide operation against a loansharking syndicate conducted on Jan 31, the police arrested seven men and three women, aged between 24 and 63 years.
The police conducted raids at various locations including Yishun, Tampines, Potong Pasir, Bedok Reservoir Road, and Compassvale Walk resulting in the arrests.
During the course of the operation, cash amounting to more than $20,000, mobile phones, Automated Teller Machine (ATM) cards, electronic data storage and internet banking devices, as well as an assortment of loansharking-related paraphernalia such as bank books, bank transaction slips, notebooks and paper records were seized.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined between $30,000 and $300,000, jailed up to four years and caned up to six strokes.
