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7 men nabbed for "loanshark activities"
Posted: 29 February 2012 2228 hrs
SINGAPORE: Seven men aged 19 to 57 years old have been arrested for suspected involvement in two separate cases of loanshark activities.
A 45-year-old man was arrested along Hougang Avenue 8 in the early morning of 28 February.
He was found with a can of red paint and a notebook with the records of suspected debtors.
The suspect was also believed to have opened bank accounts for a loanshark.
Following his arrest, a 49-year-old suspect was arrested around Pipit Road on Thursday.
The second suspect is believed to have helped a loanshark with fund transfers and collecting ATM cards from other account holders.
In a separate investigation, police arrested five other men, who are believed to be debtors-turned-runners for loansharks.
Three of the suspects had opened bank accounts and had given their ATM cards and PIN numbers to loansharks to facilitate their illegal business.
The other two had procured ATM cards from other debtors and used the cards to perform fund transactions.
If found guilty of assisting the business of an unlicensed moneylender, a suspect can be fined a maximum of S$300,000, jailed up to four years, and caned six times.
- CNA/wk
