20 arrested for suspected loansharking activities in islandwide operation
By Saifulbahri Ismail | Posted: 02 April 2010 1741 hrs
Example of loanshark-related graffiti on wall of a housing estate. (file pic)
SINGAPORE: 20 people were arrested for suspected involvement in loansharking activities in an islandwide operation on April 1.
During the 15-hour operation, police raided various premises in Ho Ching Road, Bangkit Road, Bedok Reservoir, Jurong West, Ang Mo Kio, Yishun and Sengkang.
Loansharking-related paraphernalia such as Automated Teller Machine (ATM) cards, bank statements and bank slips were seized.
Preliminary investigations revealed that the suspects are believed to have handed over their bank accounts, ATM cards and Personal Identification Number to unlicensed moneylending syndicates in return for monetary gains.
Ten of the suspects are believed to be debtors-turned-runners, and at least 14 of them had opened more than one bank account for these syndicates.
All the bank accounts have since been frozen and police investigations are still on-going.
Under the amended Moneylenders' Act, first-time offenders found guilty of assisting an unlicensed moneylender to carry out his business face heavier penalties.
They could be fined at least S$30,000 and get up to four years in jail.
They also face caning of up to six strokes. - CNA/vm
By Saifulbahri Ismail | Posted: 02 April 2010 1741 hrs
Example of loanshark-related graffiti on wall of a housing estate. (file pic)
SINGAPORE: 20 people were arrested for suspected involvement in loansharking activities in an islandwide operation on April 1.
During the 15-hour operation, police raided various premises in Ho Ching Road, Bangkit Road, Bedok Reservoir, Jurong West, Ang Mo Kio, Yishun and Sengkang.
Loansharking-related paraphernalia such as Automated Teller Machine (ATM) cards, bank statements and bank slips were seized.
Preliminary investigations revealed that the suspects are believed to have handed over their bank accounts, ATM cards and Personal Identification Number to unlicensed moneylending syndicates in return for monetary gains.
Ten of the suspects are believed to be debtors-turned-runners, and at least 14 of them had opened more than one bank account for these syndicates.
All the bank accounts have since been frozen and police investigations are still on-going.
Under the amended Moneylenders' Act, first-time offenders found guilty of assisting an unlicensed moneylender to carry out his business face heavier penalties.
They could be fined at least S$30,000 and get up to four years in jail.
They also face caning of up to six strokes. - CNA/vm
