Three men arrested for involvement in loansharking activities

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Three men arrested for involvement in loansharking activities

AsiaOne
Tuesday, Jun 05, 2012

Three men aged between 16 and 58 were arrested by the police for suspected involvement in loansharking activities in three separate cases.

In the first case, a 58-year-old man went to a unit located at Tampines St 81 at about 5.10pm on June 4 to look for the younger brother of a resident regarding the repayment of a loan.

The resident immediately called the police, who were able to detain the suspect in the vicinity of Tampines Ave 4.

Preliminary investigations revealed that the suspect is believed to be a debtor-turned-runner who had assisted loansharks by collecting loan repayment from debtors and verifying the particulars of debtors.

In the second case, which took place in the wee hours of June 5, officers from Bedok Police Division arrested a 16-year-old suspect in the vicinity of Paya Lebar Road.

Preliminary investigations indicated that he assisted the loansharks by performing electronic monetary transactions as well as being a runner in loanshark harassments.

In the third case, while officers from Central Police Division were on rounds along North Bridge Road at about 2am on June 4, they checked on a 16-year-old suspect and found him in possession of 17 bundles of name cards advertising loan facilities "Fast Cash, Easy Loan", masquerading as legal loans and licensed moneylenders.

He was placed under arrest and the items were seized as case exhibits. Preliminary investigations revealed that the suspect was engaged to distribute the name cards in HDB housing estates for a nominal fee.

The suspects in the first two cases will be charged in court on June 6 under the Moneylenders Act 2010 (Revised Edition).

Investigations against the suspect in the third case are on-going.

Under the Moneylenders Act (Revised Edition 2010), 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 to be punished with caning with not more than 6 strokes.

First time offenders found guilty of loanshark harassment shall be fined not less than $5,000 and not more than $50,000 with mandatory imprisonment of up to 5 years and mandatory caning of up to 6 strokes.

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