Suspected loanshark runner arrested
AsiaOne
Wednesday, May 08, 2013
SINGAPORE - Police have arrested a 22-year-old man for suspected involvement in loansharking activities.
On May 7, 2013 at about 2.50 pm, police received a call from a resident who had spotted fresh loanshark-related graffiti on the wall of a block located at Ang Mo Kio Ave 3.
The suspect was detained and placed under arrest for loanshark harassment following a brief interview by the officers. Loanshark-related items, such as cans of paint, bicycle locks, coloured markers, and flyers were found in his possession and seized.
Preliminary investigations indicate that the man had also assisted loansharks in distributing flyers offering financial services.
He will be charged for loanshark harassment.
Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with imprisonment for a term not exceeding 5 years, a fine between $5,000 to $50,000, and shall also be liable to caning of between 3 to 6 strokes.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined between $30,000 to $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning with not more than six strokes.
