<table border="0" cellpadding="0" cellspacing="0" width="789"><tbody><tr> <td colspan="3" height="26"> </td> </tr> <tr> <td valign="top" width="5"> </td> <td colspan="2" valign="top" width="784"> 14 to be charged with helping in loanshark activities
By Evelyn Choo, Channel NewsAsia | Posted: 30 November 2009 2249 hrs
SINGAPORE: 14 Singaporeans will face the court on Tuesday for helping in loansharking activities. The 11 men and three women are aged between 23 and 58.
Police investigations revealed that some of them had opened bank accounts and subsequently given their ATM (Automated Teller Machine) cards and PIN (Personal Identification Number) numbers to loansharking syndicates.
These accounts were then used by the syndicates for illegal money-lending activities. The rest of the subjects will be charged with collecting the ATM cards or conducting ATM transactions on behalf of the loansharks.
The Moneylenders Act 2008 states that when a bank account or ATM card is used to facilitate the running of an illegal money-lending business, the owner of the account and card is presumed to have assisted in the unlicensed business until proven otherwise.
First-time offenders found guilty of facilitating unlicensed money-lending acts may be fined up to S$200,000, or jailed a maximum of two years, or both.
Repeat offenders face a fine of up to S$200,000 and a mandatory jail term of up to five years.
- CNA/ir
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By Evelyn Choo, Channel NewsAsia | Posted: 30 November 2009 2249 hrs
SINGAPORE: 14 Singaporeans will face the court on Tuesday for helping in loansharking activities. The 11 men and three women are aged between 23 and 58.
Police investigations revealed that some of them had opened bank accounts and subsequently given their ATM (Automated Teller Machine) cards and PIN (Personal Identification Number) numbers to loansharking syndicates.
These accounts were then used by the syndicates for illegal money-lending activities. The rest of the subjects will be charged with collecting the ATM cards or conducting ATM transactions on behalf of the loansharks.
The Moneylenders Act 2008 states that when a bank account or ATM card is used to facilitate the running of an illegal money-lending business, the owner of the account and card is presumed to have assisted in the unlicensed business until proven otherwise.
First-time offenders found guilty of facilitating unlicensed money-lending acts may be fined up to S$200,000, or jailed a maximum of two years, or both.
Repeat offenders face a fine of up to S$200,000 and a mandatory jail term of up to five years.
- CNA/ir
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