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Two nabbed for suspected loanshark activities
Posted: 23 February 2012 1637 hrs
SINGAPORE: Police have arrested two men for suspected involvement in loansharking activities.
In the first case, a 58-year-old man was arrested in the vicinity of Geylang Serai on Wednesday.
In a separate case, police spotted a 59-year-old man behaving suspiciously at an ATM on Wednesday night in the vicinity of Admiralty Place.
The officers conducted a check on the suspect and found loanshark-related paraphernalia, which included two mobile phones containing debtors' records, a stack of bank transaction receipts and six ATM cards, in his possession.
In both cases, preliminary investigations indicate that the suspects are debtors-turned-runners who assisted loansharks by procuring Automated Teller Machine (ATM) cards and PINs from other debtors and used them to perform ATM fund transactions.
Investigations against the suspect arrested in the first case are still ongoing.
The suspect arrested in the second case will be charged in court Friday under the Moneylenders' Act .
First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than S$30,000, 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/cc
