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Eight arrested for assisting in loansharking activities

MarrickG

Alfrescian
Loyal
Eight Singaporeans aged between 24 and 54 years old have been arrested for involvement in illegal moneylending.

The seven men and one woman will be charged in court on April 19.

Police investigations revealed that the subjects opened bank accounts and had given their ATM cards and PIN numbers to loansharking syndicates for monetary gains and to prevent harassment to themselves.

The bank accounts were then used by the syndicates for loansharking activities. Six of the suspects are believed to be either debtors or guarantors. Their accounts have also been frozen upon their arrests.

First-time offenders found guilty of assisting in the operations on an unlicensed moneylender could be fined a maximum of $300,000, face up to four years in jail and also liable to be punished with a maximum of six strokes of the cane.

Under the Moneylenders Act 2010 (Revised Edition), 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.
 
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