Loanshark syndicate smashed, six arrested
Posted: 01 February 2012 2238 hrs
SINGAPORE : Police smashed a loanshark syndicate and arrested six people in a six-hour operation on Tuesday.
The suspects - five men and one woman aged between 31 and 48 - were arrested in simultaneous raids in Hougang, York Hill and Circuit Road.
During the operation, police also seized S$4,950 in cash, seven mobile phones, several Automated Teller Machine cards and laptops.
Three of the suspects will be charged in court on Thursday with offences under the Moneylenders Act, while investigation against the remaining suspects is ongoing.
If convicted of operating or assisting in the operating of a loansharking business, they could be fined up to S$300,000, jailed up to four years and given up to six strokes of the cane.
- CNA/ms