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3 arrested for loansharking activities
AsiaOne
Thursday, May 17, 2012
The police have arrested one man and two women aged between 25 and 42 for suspected involvement in loansharking activities.
The three were arrested at Yishun, Boon Lay and New Bridge Road between May 14 and 16.
Preliminary investigations revealed that the suspects had opened bank accounts and gave away their ATM cards and PINs to loansharking syndicates to facilitate their unlicensed moneylending businesses.
Police investigations are on-going.
Under the Moneylenders’ Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000.
They also face an imprisonment term not exceeding 4 years and shall also be liable to be punished with not more than six strokes of the cane.
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