Police arrest 3 for suspected involvement in loansharking

[General Veers]

Police arrest 3 for suspected involvement in loansharking

Published on Mar 7, 2012
By Peter Wong

Police have arrested three men aged between 43 and 48 for suspected involvement in loansharking activities.

In a five-hour operation on Tuesday, officers from the Central Police Division conducted simultaneous raids in Jurong West, Clementi, Woodlands and Hougang, resulting in the arrest of the three suspects.

Preliminary investigations revealed that the suspects are believed to have opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PIN) to loanshark syndicates to facilitate their unlicensed moneylending businesses.

Several bank transactions receipts were also seized from the suspects.

If the suspects are found guilty of assisting in the business of unlicensed moneylending under the Moneylenders' Act 2010 (Revised Edition), they could be fined between $30,000 and $300,000, jailed up to four years and receive up to six strokes of the cane.