4 arrested for loansharking activities
AsiaOne
Wednesday, Feb 20, 2013
Police have arrested 4 male suspects in three loanshark-related cases.
The four suspects are aged between 16 and 35.
On Feb 18 at about 2.55 pm, officers from Ang Mo Kio Police Division arrested two 16-year-old suspects in the vicinity of Ang Mo Kio St 22 for assisting in the carrying on of the business of an unlicensed moneylender.
Preliminary investigations indicated that the two suspects had given away their ATM cards and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.
Police made another arrest at 11.50pm the same day, apprehending a 35-year-old male suspect in the vicinity of Bangkit Road for assisting in the carrying on of the business of an unlicensed moneylender.
Preliminary investigations indicated that the suspect is a debtor-turned-runner who is believed to have assisted loansharks in their business by carrying out electronic fund transactions via Automated Teller Machine (ATM) and delivering debtors’ notes.
On Feb 19 at about 1.50am, officers from Ang Mo Kio Police Division arrested a 26-year-old male suspect in the vicinity of Serangoon North Ave 1. Preliminary investigations indicated that the suspect is a debtor who had used his previous residential address to obtain illegal loans from loansharks. This caused the occupant of his previous home to be harassed by loansharks. In addition, the suspect is also being investigated for failing to report the change of his residential address under the National Registration Act.
Investigations against all the suspects are still on-going.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined between $30,000 and $300,000, be jailed for up to four years and caning of up to six strokes.
Any person who is guilty of providing false contact information to obtain loans from loansharks may be jailed up to 12 months. Under the National Registration Act, any person who is guilty of an offence of failing to report a change of address shall fined up to $5,000 or jailed up to 5 years, or both.
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