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Seven suspects arrested for loansharking activities
Posted: 21 February 2012 2022 hrs
SINGAPORE : Police have arrested five men and two women for suspected involvement in loansharking activities.
The suspects are aged between 25 and 53.
In the first case, officers from the Jurong Police Division arrested six suspects.
Preliminary investigations indicated that the suspects are believed to have opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their illegal business.
Two of the suspects, a 50-year-old man and a 42-year-old woman, are also believed to have assisted the loanshark syndicates by performing electronic funds transfers via ATMs.
In the second case, officers from the Ang Mo Kio Police Division arrested a 26 year-old man.
Preliminary investigations revealed that the suspect opened at least three bank accounts and gave away his ATM cards and PINs to loansharking syndicates to facilitate the business of unlicensed moneylending.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined a minimum of S$30,000.
They can be jailed for a term not exceeding four years and shall also be liable to be punished with caning of not more than six strokes.
- CNA/ms
