15-year-old arrested for loanshark activities
AsiaOne
Wednesday, Mar 27, 2013
SINGAPORE - Police have arrested 2 males and 1 female, aged between 15 and 51, for suspected involvement in loansharking activities.
On March 26, police officers interviewed 2 male subjects who were seen behaving suspiciously at Yishun Ring Road. The 2 males, aged 15 and 25, were placed under arrest for assisting the business of an unlicensed moneylender.
Preliminary investigation indicates that the suspects had assisted loansharks in distributing name cards offering unlicensed financial services. Stacks of loanshark-related name cards were seized for investigation.
Police also arrested a 51-year-old female suspect in connection to the same case at Yishun Central.
Preliminary investigation indicates that the female suspect could have also assisted loansharks in distributing name cards offering unlicensed financial services.
Investigations against the 3 suspects are ongoing.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less than $30,000 and not more than $300,000. They can also be imprisoned for a maximum of 4 years and punished with up to 6 strokes of the cane.
See where loanshark harrassment has occurred with the AsiaOne Loanshark Harassment Hotspots service.
