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Police nab five for suspected loanshark activities
Posted: 15 February 2012 2216 hrs
SINGAPORE: Police have arrested five men aged between 22 and 33 who are suspected to have assisted a loanshark syndicate to harass debtors by brazenly setting fire to their homes.
Following intensive probes, officers from the Police Intelligence Department and Criminal Investigation Department conducted simultaneous raids at the Clementi, Woodlands, Marsiling and Choa Chu Kang areas on Wednesday.
This resulted in the arrests.
Preliminary investigations revealed that the suspects are believed to be responsible for at least six cases of loanshark harassment cases reported at locations such as Serangoon North, Jurong, Woodlands and Ubi whereby victims' residences were set ablaze.
All the suspects will be charged in Court on Thursday under the Moneylenders Act 2010 (Revised Edition).
Investigations are concurrently on-going to further ascertain the suspects' possible involvement in other loanshark-related activities.
Under the Moneylenders Act 2010 (Revised Edition), those found guilty of operating or assisting in the operating of a loansharking business may be fined at least S$30,000 and up to S$300,000, with mandatory imprisonment of up to four years.
They could also be given up to six strokes of the cane.
- CNA/cc
