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Man, 27, arrested for alleged loansharking
Tuesday, Apr 17, 2012
A 27-year-old man has been arrested by the police for suspected involvement in loansharking activities.
Police officers arrested him on April 16 at about 8pm in the Woodlands Civic Centre area after a tip-off.
Four ATM cards, a mobile phone containing debtors' information and a stack of bank transactions receipts were seized.
Preliminary investigations revealed that the suspect is a debtor-turned-runner.
He is believed to have assisted loanshark syndicates by performing electronic fund transactions via ATMs and collecting ATM cards from other debtors.
He will be charged in Court on April 18 under the Moneylenders Act 2010 (Revised Edition).
Anyone found guilty of assisting an unlicensed moneylender can be fined between $30,000 and $300,000, jailed up to four years and can also be caned up to six strokes.
Commander of Jurong Police Division Assistant Commissioner of Police Florence Chua commended her officers for their policing work.
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