Major loanshark syndicate smashed, 23 arrested
Posted: 26 April 2012 1942 hrs
SINGAPORE: Police have smashed a major loanshark syndicate and arrested 23 people including two women for suspected involvement in loansharking activities.
One of the suspects, a 30 year-old Singaporean man was arrested in Johor Bahru, Malaysia, with the assistance of the Royal Malaysia Police.
Police had conducted simultaneous raids over April 25 and 26 across Singapore and Johor Bahru.
During the operation, cash amounting to about S$86,000 and several mobile phones, Automated Teller Machine (ATM) cards, laptops, mobile phone prepaid cards and records of loans were seized.
Eleven of the suspects, all men aged between 19 and 38, will be charged in court on April 27. Investigations against the remaining suspects are ongoing.
Those found guilty of operating or assisting in the operating of a loansharking business may be fined between S$30,000 and S$300,000, face mandatory jail term of up to four years and be given up to six strokes of the cane.
Those found guilty of loanshark harassment can face a jail term not exceeding five years, a fine of between S$5,000 and S$50,000, and be given up to six strokes of the cane.