2 arrested for involvement in loanshark activities
AsiaOne
Tuesday, Mar 26, 2013
SINGAPORE: Police have arrested a 30-year-old man and a 44-year-old woman for suspected involvement in loansharking activities in two separate cases.
In the first case, police officers arrested the male suspect on March 25 at 1.40pm at Hougang Ave 9. The man is suspected of assisting in the business of an unlicensed moneylender.
Preliminary investigations indicated that he is a debtor-turned-runner who is believed to have assisted loansharks by carrying out electronic fund transactions via ATM with his ATM cards.
In the second case, police officers arrested the female suspect on the same day at 2.45pm at Hougang Ave 8.
Investigations indicated she is a debtor who had used her previous residential address to obtain illegal loans from loansharks. This caused the occupants of her previous home to be harassed by loansharks.
The suspect is also being investigated for failing to report the change of her residential address under the National Registration Act.
Investigations against the two suspects are ongoing. Under the Moneylenders Act, first-time offenders found guilty of carrying on of the business of an unlicensed moneylender may face a fine between $30,000 and $300,000, be imprisoned for a maximum of four years and shall also be liable to no more than six strokes of the cane.
Under the same Act, any person who is guilty of providing false contact information to obtain loans from loansharks faces a jail term of not more than 12 months.
Also, under the National Registration Act, any person who is guilty of failing to report a change of address shall be liable to a maximum fine of $5,000 or imprisonment up to five years or both.
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