2 men nabbed for unlicensed loan shark activities
Case exhibit from first case
Photo: Singapore Police Force
Thursday, Feb 11, 2016
SINGAPORE - One is said to have extended illegal loans to debtors which had to be repaid with interest, while the other was caught red-handed with gloves, a mask and markers.
In both cases, the suspects were arrested by the police for their suspected involvement in two separate cases of unlicensed moneylending activities.
On Feb 1, officers from Ang Mo Kio Division investigated a 47-year-old man who was believed to have been offering illegal loans. The man was also suspected of retaining the debtors' passports or work permits until their loans were fully paid up.
Cash amounting to $17,000, passports, work permits, a laptop as well as mobile phones were found in his possession and seized as case exhibits.
Singapore Police Force
Ten days later, police were called to a unit at Rivervale Crescent which had been splashed with paint. A wall was also covered with loanshark-related graffiti.
They found a 38-year-old man behaving suspiciously in the vicinity and found the loan shark paraphernalia on him.
Preliminary investigations revealed that the suspect is also believed to be involved in similar cases in Bedok.
Loan-shark sets gate of HDB flat on fire
If found guilty, first-time offenders involved in moneylending may face a fine of up to $300,000 and a jail term of not more than four years.
First time offenders found guilty of loan shark harassment may face a fine up to $50,000 and a mandatory jail term of up to five years and a mandatory caning of up to six strokes.
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