32 year-old debtor-turned-loanshark runner arrested
AsiaOne
Monday, Apr 16, 2012
SINGAPORE - Police have arrested a 32-year-old man for suspected involvement in loansharking activities.
On April 15 at about 10pm, police officers were conducting anti-crime patrols in the vicinity of Clementi Avenue 3 when they spotted a man behaving suspiciously.
Following an interview, the officers conducted a check and found him to be in possession of eight Automated Teller Machine (ATM) cards, two mobile phones, pieces of paper with bank records, and cash exceeding $600.
Another 14 ATM cards and several bank transaction receipts were subsequently found in his vehicle.
Preliminary investigations revealed that the man is a debtor-turned-runner who had assisted loansharks in their business by conducting bank transfers.
Investigations against him are ongoing.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender can be fined up to $300,000 and imprisoned for a term up to four years.
They are also liable to be punished with caning of not more than six strokes.
