Loanshark & Runners run wild in Sinkieland!

[PhuaCheeBye]

13 arrested for issuing illegal loans in MBS casino



AsiaOne

Thursday, Feb 27, 2014


SINGAPORE - Police have arrested 13 people - nine men and four women, aged between 30 and 65 - for their suspected involvement in issuing illegal loans to players in the Marina Bay Sands (MBS) casino.

On Feb 26, 2014, officers from the Criminal Investigation Department (CID), supported by the Police Intelligence Department, the Casino Regulatory Authority and MBS, conducted an operation at the casino as well as other locations in Singapore to crackdown on a syndicate suspected of operating in the MBS casino.

Preliminary investigations revealed that the suspects were believed to have operated in the casino by giving out illegal loans to players.

Police will continue to ensure that such illicit activities are dealt with swiftly to prevent criminal groups from operating in the casinos.

Six of the suspects will be brought to court while investigations against the remaining suspects are ongoing.

Persons found guilty of operating or assisting in the operation of a loansharking business may be fined not less than $30,000 and up to $300,000, with mandatory imprisonment of up to four years and shall be liable to caning of up to six strokes.

[email protected]

 

[csi88]

Now even loanshark is doing business in casino.I wonder wat the police gonna do about this?

 

[GoldenDragon]

Now even loanshark is doing business in casino.I wonder wat the police gonna do about this?

Not now. Day casino opened these chaps were around.

 

[LauCheeBye]

Not now. Day casino opened these chaps were around.

PAP say they have it under control woh... hahaha

At RWS, I see these Loansharks peddling openly. RWS management also BOCHAP!
hahaha...Sinkies are screwed.

 

[PhuaCheeBye]

10 arrested for loansharking activities

AsiaOne

Friday, Feb 28, 2014


SINGAPORE - Ten people have been arrested in connection to two separate cases of loansharking activities.

In the first case, 4 men and 5 women were arrested in a police operation covering Jalan Bukit Merah, Upper Cross Street, Jurong West, Bukit Panjang and Bedok housing estates.

The suspects are between the ages of 24 and 53 years. The police believe they are debtors-turned-assistors and had supposedly opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.

In another case, a man, 29, was spotted behaving suspiciously by police on their CCTV, in the vicinity of Jurong West Street 81.

Officers were sent to investigate the scene and they found the man to be in possession of loanshark-related paraphernalia such as cans of paint, a pair of gloves, one marker pen and two handphones.

The items were seized by the police and the man was arrested. Initial investigations revealed that the suspect was a debtor-turned-harasser, who has assisted the loanshark syndicates to carry out series of loanshark harassment in Jurong West and Woodlands public housing estates by splashing paint outside debtors' residences and scrawling loanshark-related graffiti on the walls.

In addition, he had also opened bank accounts and given away his Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.

First time offenders found guilty of loanshark harassment can be jailed up to 5 years, fined between $5,000 and $50,000, and are also liable to receive up to 6 strokes of the cane.

First time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender can be jailed up to 4 years, fined between $30,000 and $300,000, and are also liable to receive up to 6 strokes of the cane.

[email protected]

 

[PhuaCheeBye]

13 suspects arrested over illegal loans to casino players

Janice Tai
The Straits Times

Monday, Mar 03, 2014


SINGAPORE - Thirteen people - nine men and four women - have been arrested for their suspected involvement in issuing illegal loans to players at the Marina Bay Sands (MBS) casino.

The suspects, aged between 30 and 65, were lending money illegally to gamblers there, initial investigations show.

Officers from the Criminal Investigation Department carried out a crackdown on the syndicate on Wednesday, with help from the Police Intelligence Department, the Casino Regulatory Authority and MBS.

Six suspects were charged in court yesterday under the Moneylenders Act. Investigations into the remaining suspects are ongoing.

Under the Moneylenders Act, those found guilty of operating or helping in the operating of a loan-shark business may be fined between $30,000 and $300,000, jailed for up to four years and liable for up to six strokes of the cane.

Reformed gambler Phillip Lee used to borrow $1,000 to $5,000 from illegal lenders because they offered cash on the spot.

"You are in the heat of the moment, and it's too troublesome to go to the bank or moneylender outside," said Mr Lee, 61, now a gambling support group facilitator at One Hope Centre, which counsels gamblers.

"These runners are quite common here, and usually hand over the chips or cash in broad daylight or in the toilet," he said.

The Casino Regulatory Authority said it will continue to work closely with the police.

 

[hurley]

is a loanshark's pay good?

 

[PhuaCheeBye]

2 loanshark harassment suspects arrested in separate cases

AsiaOne

Wednesday, Mar 05, 2014


SINGAPORE - Police officers from Ang Mo Kio Police Division arrested two men, aged 26 and 39, in two separate cases for their suspected involvement in loansharking activities.

On Tuesday at around 12.25am, police received a call from a victim who was confronted at home by a 26-year-old man demanding repayment on behalf of loansharks.

The police arrested the suspect at the vicinity of Yio Chu Kang Road. Investigations also indicated that the suspect had given his bank ATM card and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.

Later at 10.40am, the police arrested the other male suspect around Tanah Merah Coast Road.

Preliminary investigations revealed that the subject had committed loanshark harassment at Yishun Housing Estate by delivering debtor notes to demand for repayment.

Investigations for both cases are ongoing.

First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with imprisonment for a term not exceeding five years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to caning of not less than three and not more than six strokes.

Commander of Ang Mo Kio Police Division, Assistant Commissioner of Police Keok Tong San, commended his officers for their perseverance and commitment in the fight against loansharking activities.

He said, "Police are determined to come down hard on all those who are involved in loansharking activities, regardless of their age or gender."

 

[PhuaCheeBye]

Singapore Budget 2014: Govt to cap total amount borrowers can get from licensed moneylenders

A licensed moneylender at Toa Payoh Central. A central credit bureau will be set up to allow tighter controls over the total amount of unsecured loans that an individual can borrow from licensed moneylenders, Senior Minister of State for Law Indranee Rajah said in Parliament on Wednesday.

Selina Lum
The Straits Times

Wednesday, Mar 05, 2014


A central credit bureau will be set up to allow tighter controls over the total amount of unsecured loans that an individual can borrow from licensed moneylenders, Senior Minister of State for Law Indranee Rajah said in Parliament on Wednesday.


Get the full story from The Straits Times.

Here is an exerpt from Ms Indranee Rajah's speech in Parliament on Singapore's moneylending landscape:

"Mr Lim Biow Chuan and Mr Zainal Sapari highlighted concerns over the moneylending landscape in Singapore, particularly excessive borrowing and excessive borrowing costs. In regulating the moneylending industry, we have to maintain a balance between allowing borrowers reasonable access to credit, and providing them, especially those with lower income, with adequate protection.

"We are cognizant that some borrowers turn to moneylenders in desperation and this makes them vulnerable to exploitation.

"To this end, there are various safeguards in the law such as borrowing caps for unsecured loans as well as interest rate caps.

"The existing borrowing caps for unsecured loans from moneylenders protect borrowers earning an annual income of up to $120,000, while the existing interest rate caps for moneylending loans apply only to borrowers earning less than $30,000 a year.

"When we set interest rate caps, there are competing considerations involved. If the cap is set too low, it would be commercially unviable for licensed moneylenders to service borrowers with high credit risk.

"This would force borrowers to turn to loan sharks to meet their financial needs.

"If the cap is too high, borrowers will be overcharged by moneylenders. It is therefore necessary to find the right balance.

"At present, moneylenders may also charge a variety of fees, if the borrower had agreed for these fees to be charged at the time the loan is taken.

"Such fees include fees for late repayment of principal or late payment of interest, and fees for early redemption or termination of the loan.

"However, these fees can escalate for the borrower.

"My Ministry is reviewing the moneylending regime. We are considering measures to address the issues raised by Members.

"To this end, we are reviewing the interest rate cap and considering whether there should be further restrictions on the charging of fees by moneylenders.

"As for borrowing caps for unsecured loans from moneylenders, the current regime only regulates the amount that an individual can borrow from each moneylender. We intend to establish a central credit bureau that will enable tighter controls over the total amount of unsecured credit which an individual can borrow from moneylenders, i.e. a “universal cap”.

"Mr Zainal asked about restrictions in the number of moneylenders in any given housing estate.

"At present, we have not imposed any limits on the number of moneylenders in any geographical location. But this is something that we are studying.

"We are looking at the statistics on the concentration of lenders and borrowers. However, geographical restrictions may have limited effectiveness in a small country like Singapore.

"Our size is such that travelling costs may not deter borrowers from going to moneylenders in different parts of the island. As part of our review, we intend to consult key industry stakeholders, including organisations that provide counselling to distressed borrowers and the moneylending industry, amongst others.

"I cannot overstate the importance of striking the right balance, and we will announce the measures in due course."

[email protected]

 

[GoldenDragon]

PAP say they have it under control woh... hahaha

At RWS, I see these Loansharks peddling openly. RWS management also BOCHAP!
hahaha...Sinkies are screwed.

Casnos arent fools. They need these people around to provide funds for the gamblers. Same reason why both casinos close both eyes on those who offer insurance on baccarat.

 

[ginfreely]

So many loansharks around, look like the only way for Singaporeans to protect ourselves is to stay far away from the two casinos. It is easy to get out of control otherwise to gamble and end up in deep trouble. The recent CPIB director committing CBT also due to casino.

 

[LauCheeBye]

So many loansharks around, look like the only way for Singaporeans to protect ourselves is to stay far away from the two casinos. It is easy to get out of control otherwise to gamble and end up in deep trouble. The recent CPIB director committing CBT also due to casino.

WHO DID Sinkies Vote For?

 

[PhuaCheeBye]

is a loanshark's pay good?

Very Good with a few Rotans Given as Freebies too...

 

[PhuaCheeBye]

101 hauled up in latest anti-loansharking blitz

AsiaOne

Wednesday, Mar 12, 2014


SINGAPORE - Police have arrested a total of 101 suspects, aged between 18 and 72, in an anti-loansharking operation which took place between March 10 and 11. These 65 men and 36 women are suspected to have been involved in loansharking activities.

During the 39-hour operation, officers from the Criminal Investigation Department (CID) and six police land divisions conducted simultaneous raids at multiple locations in Singapore.

These locations include Choa Chu Kang, Admiralty Drive, Woodlands, Yishun, Ang Mo Kio, Serangoon, Toa Payoh, Macpherson, Simei, East Coast Road, Bedok and Tampines.

Preliminary investigations reveal that six suspects are believed to have been involved in loansharking activities as runners and had assisted the loansharks in their businesses by carrying out Automated Teller Machine (ATM) transfers or procuring ATM cards for the syndicates' use.

Police also arrested four suspects who are believed to have provided false contact information when obtaining loans from loansharks.

Investigations under National Registration Act will be carried out against these suspects for failing to report change of address.

The remaining 91 suspects are believed to have opened bank accounts and given away their ATM cards and Personal Identification Numbers (PINs) to loansharks to facilitate their unlicensed moneylending businesses.

Investigations against all the suspects are ongoing.

Under the Moneylenders' Act (Revised Edition 2010), when a bank account or ATM card of a person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on the business of unlicensed moneylending.

First-time offenders found guilty may be fined between $30,000 and $300,000, be imprisoned for a term of up to four years and will also be liable to be punished with caning of up to six strokes.

Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment for a term of up to 12 months.

Those found guilty of failing to report a change of address can be fined up to $5,000, imprisoned for up to five years, or both.

Members of public are advised to stay away from loansharks and not to work with or assist the loansharks in any way. The Police reminded members of the public that by opening or giving away one's bank account to unlicensed moneylenders, they are considered to have not only assisted the unlicensed moneylenders in their businesses but also facilitated them to evade Police detection.

"Police will not hesitate to take tough action against those who continue to assist loansharks in any way," the Police said.

The public can call the Police at '999' or the X-Ah Long hotline at 1800 924 5664 if they suspect or know of anyone who could be involved in illegal loansharking activities.

 

[GoldenDragon]

Based on the report, they have only slightly inconvenienced the ah longs. After 2-3 days, ah longs' op will be back in order.

 

[GoldenDragon]

For those who are au fait with ah long operations, such raids even if conducted monthly will not cripple the syndicates. It is similar to catching sellers of contraband cigs. If you dont apprehend the boss, it is business as usual after 2-3 days.

 

[LauCheeBye]

For those who are au fait with ah long operations, such raids even if conducted monthly will not cripple the syndicates. It is similar to catching sellers of contraband cigs. If you dont apprehend the boss, it is business as usual after 2-3 days.

SPF exercising MAXIMUM RESTRAINT on Loanshark Bosses...cos may end up catching someone related to Ruling PAP ah

 

[GoldenDragon]

SPF exercising MAXIMUM RESTRAINT on Loanshark Bosses...cos may end up catching someone related to Ruling PAP ah

The syndicates are laughing their way to the banks. That is the hard truth. They never expected our men in blue to climb up wrong trees.

 

[TuaCheeBye]

The syndicates are laughing their way to the banks. That is the hard truth. They never expected our men in blue to climb up wrong trees.

Matas all Hiding in Ambulances when they see Loansharks! hahahaha

 

[PhuaCheeBye]

Police appeal for information about loanshark harassment

AsiaOne

Monday, Mar 17, 2014


SINGAPORE - Police are looking for the man shown in the pictures below to assist with investigations into a case of loanshark harassment reported in the vicinity of Bangkit Road on 21 February 2014.

The man has short hair and is of medium build. He was last seen attired in a yellow t-shirt with blue pants, with a black wristband on his right wrist, and a pair of sunglasses on his head.

Anyone with information is requested to call the Police Hotline at 1800-255 0000. Information can also be submitted online via the CrimeStopper portal at www.spf.gov/CrimeStopper . All information will be kept strictly confidential.