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Benkei
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Jun 10, 2011
Police arrest 50 for loansharking activities
By Ashutosh Ravikrishnan
Red paint splashed on the front door and window of a household by loansharks. -- PHOTO: SHIN MIN
FIFTY people, aged between 18 and 56, were arrested for suspected involvement in loansharking activities on Thursday.
The arrests were part of an islandwide police raid conducted between 8am and 10pm at various locations including Ang Mo Kio, Bishan, Hougang, Jurong, Tampines Woodlands and Yishun.
Preliminary investigations showed that all 50 suspects had opened bank accounts and given away their ATM pin numbers to loansharking syndicates to facilitate their business, an offence under the Moneylenders Act 2008.
At least 38 of the suspects are believed to be either borrowers or guarantors.
First-time offenders found guilty of assisting a loanshark may be fined not less than $30,000 and face 4 years in jail and a maximum of 6 strokes of the cane.
