Police arrest nine for loansharking, illegal gambling

Police arrest nine for loansharking, illegal gambling

<cite class="auth">Channel NewsAsia - Saturday, July 19

</cite>SINGAPORE : The Singapore police have arrested eight men and a woman for loansharking and illegal gambling in an islandwide operation.

The suspects, aged between 25 and 42, were caught in raids at Ang Mo Kio, Bedok, MacPherson and Serangoon on Thursday night and in the early hours of Friday morning.
Police also seized more than S$83,000 in cash, mobile phones, computer equipment, ATM cards, bank books and debtor records. Gaming machines were also seized at a shophouse in MacPherson.
Preliminary investigations revealed that the syndicate helped to finance illegal gambling activities. It would provide weekly loans at an interest rate of 20 per cent, and is believed to have had about S$50,000 in active circulation every month.
Five of the suspects are due to be charged in court on Saturday for offences under the Moneylenders’ Act. The remaining four will be released on bail, pending investigations into suspected illegal gaming activities.
First—time offenders found guilty of operating an illegal money—lending business may be fined up to S$200,000 or jailed up to 2 years, or both.
Repeat offenders could face a fine of up to S$200,000 and be jailed up to 5 years.
Offenders found guilty of managing a Common Gaming House could be fined between S$5,000 and S$50,000 and be jailed for up to 3 years. — CNA /ls

there will always be new people taking over and going into this line.
they cannot catch/arrest all else it will make the situation worst for those who do not qualify to take loans from those banks or financial institutions.
if they catch all,more robbery and crime rate will surely increase.

SammyHulk said:

Police also seized more than S$83,000 in cash, ....

....is believed to have had about S$50,000 in active circulation every month.

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It is big money and these guys are no small timers.

BlueCat said:

there will always be new people taking over and going into this line.
they cannot catch/arrest all else it will make the situation worst for those who do not qualify to take loans from those banks or financial institutions.
if they catch all,more robbery and crime rate will surely increase.

Click to expand...

Yes, less loan shark = more crime ! Or maybe change the banking system ,just produce 2 IC and get instant cash loan of 1 - 2k lower int. than loan shark and longer in installment la . Ha ha