- Joined
- Apr 7, 2010
- Messages
- 118
- Points
- 0
Alleged loan-shark runner arrested
The New Paper
Thursday, Apr 19, 2012
A 32-year-old man has been arrested for suspected involvement in loan-sharking activities.
Officers from Clementi Police Division were conducting anti-crime patrols around Clementi Avenue 3 at about 10pm on Sunday when they spotted a suspicious man.
They questioned him and found him to be in possession of eight 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.
He was arrested for suspected loan-sharking activities.
Preliminary investigations revealed the man is a debtor-turned-runner who had assisted loan sharks in their business by conducting bank transfers.
Investigations are ongoing.
First-time offenders found guilty of assisting in the business of an unlicensed moneylender can be fined at least $30,000 and up to $300,000, jailed up to four years and be caned up to six strokes.
The Clementi Police Division Commander, Deputy Assistant Commissioner of Police Melvin Yong, commended his officers for their vigilance and relentless efforts in the fight against loan sharks.
