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Cao Pi
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Jul 29, 2010
35 held in loansharking blitz
<!-- by line --> By Carmen Woo
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<!-- end left side bar --> <!-- story content : start --> A 17-HOUR islandwide blitz against unlicensed moneylenders rounded up 25 men and 10 women for suspected involvement in loansharking activities. Officers from Ang Mo Kio Police Division conducted simultaneous raids at Clementi, Bukit Batok, Ang Mo Kio, Serangoon, Hougang and Sengkang resulting in the arrests on Wednesday. ATM cards, bank account application forms, bank transaction slips and flyers advertising 'fast cash' were seized in the raids.
Preliminary investigations revealed that 31 of the suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to the loansharks. All the bank accounts believed to have been used in illicit unlicensed moneylending business have been frozen. The other four arrested were three bank account recruiters and one runner.
The trio had assisted the loanshark syndicates to source for potential bank account holders while the runner was believed to have scrawled loanshark-related graffiti in the Hougang estate. Out of the 35 arrested, at least 21 are also believed to be debtors or guarantors. Six of the suspects will be charged in court on Friday.
