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Teen arrested for loanshark offences
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AsiaOne
Friday, Sep 13, 2013
SINGAPORE - A 19-year-old woman was arrested by the police in Hougang on Thursday night for loanshark offences.
According to the police, the suspect had given away her ATM card and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.
Investigation against the suspect is on-going.
Under the Moneylenders Act (Revised Edition 2010), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less than $30,000 and not more than $300,000/-, be imprisoned for a term not exceeding 4 years and shall also be liable for caning with not more than 6 strokes.
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