13 nabbed in anti-loansharking raids

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13 nabbed in anti-loansharking raids
Published on Oct 7, 2011

By Tham Yuen-C

Police have arrested seven men and six women between the ages of 23 and 57 for helping loansharks open bank accounts.

The 13 were nabbed during a four-day operation during which Jurong Police Division officers raided various locations, including Jurong West Ave 5, Jalan Bukit Merah, Bishan Street 13 and Keppel Road.

Preliminary investigations revealed that they had opened bank accounts and then given away their bank cards and personal identification numbers to facilitate the loan sharks' money transfers.

First-time offenders found guilty of assisting in the business of unlicensed moneylenders can be fined not less than $30,000 and not more than $300,000 and jailed up to four years. They can also be caned up to six times.

Read the full story in Friday's edition of The Straits Times.