Jul 24, 2010
Loanshark runner nabbed
<!-- by line --> By Lee Jia Xin
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<!-- end left side bar --> <!-- story content : start --> A MAN was arrested for suspected involvement in loansharking activities on Thursday. The 18-year-old was nabbed by two volunteer special constabulary officers after they noticed the suspect behaving suspiciously around Hougang Central.
More than $5,000, several ATM cards and bank transaction slips were found on the suspect. Preliminary investigations have revealed that the suspect was a debtor-turned-runner who assisted loansharks by conducting fund transfers via the ATM.
The subject was charged in Court on Saturday for assisting an unlicensed moneylender to carry out his business under the Moneylenders Act. First-time offenders found guilty of assisting in the assisting an unlicensed moneylender, may be fined up to $300,000, face a maximum jail term of 4 years and be caned up to 6 strokes.
