Suspected loanshark helper arrested in Compassvale
AsiaOne Wednesday, Oct 15, 2014
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SINGAPORE - A 63-year-old man has been arrested for his suspected involvement in loansharking activities.
Police officers who were on patrol arrested the man in the vicinity of Compassvale Street on Tuesday at about 3.50 pm.
Preliminary investigations indicated that the suspect had given away his Automated Teller Machine (ATM) cards and Personal Identification (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.
Under the moneylenders act, first-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined, imprisoned for a term not exceeding 4 years, and shall also be liable for caning with not more than 6 strokes.
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