Nine arrested during raid on loanshark syndicate
AsiaOne
Thursday, Sep 13, 2012
Police arrested six men and three women for suspected involvement in loansharking activities on Thursday, September 13.
The nine are between 22 and 52 years of age, and are believed to be involved in a loanshark syndicate.
The police conducted simultaneous raids in Bedok, Bukit Panjang, Chai Chee, Jurong and Pasir Ris. Cash amounting to $9,000, Automated Teller Machine (ATM) cards, 15 mobile phones and various computing devices were also seized during the arrests.
Seven of the suspects will be charged in court on Sept 14 under the Moneylenders Act, while investigations against the remaining two are ongoing.
Under the Moneylenders Act 2010 (Revised Edition), persons found operating or assisting in the operation of a loansharking business may be fined up to $300,000 with a mandatory jail term of up to four years. They are also liable for caning of up to six strokes.
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