17 arrested for loansharking activities
AsiaOne
Friday, Jun 28, 2013
SINGAPORE - The police have arrested 17 people between the ages of 17 and 61 in relation to 2 separate loansharking cases.
In the first case on June 27, the police rounded up 8 men and 4 women, between the ages of 21 and 50 in an island-wide operation for suspected loanshark harassment.
Preliminary investigations revealed that the suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.
On the same day, the police mounted another operation that resulted in the arrests of 3 men and 2 women for their involvement in loansharking activities.
Investigations show that the suspects are believed to have opened bank accounts and gave away their ATM cards and Personal Identification Numbers (PIN) to loansharks to facilitate the business of unlicensed moneylending.
Investigations against all suspects are still ongoing.
If found guilty, first-time offenders can be fined between $30,000 and $300,000, jailed up to 4 years and face up to 6 strokes of the cane.
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