Sep 24, 2010
12 held in anti-moneylending raids
By Lee Jia Xin
POLICE have arrested 11 men and a woman for suspected involvement in unlicensed moneylending activities. The 12, aged between 18 and 56, were nabbed during a 24-hour operation on Thursday at various locations including Bukit Panjang, Choa Chu Kang and Jurong West. Six of them have opened bank accounts and allowed them to be used in unlicensed moneylending activities while the rest are believed to be acting as runners for unlicensed moneylenders. Several ATM cards, bank transaction slips, handphones, cans of black paint and marker pens were also seized.
Five of the suspects were charged in Court on Friday. Investigations against the other seven suspects are on-going. First time offenders found guilty of allowing their bank accounts or ATM cards to be used in unlicensed moneylending activities can be fined up to $300,000 and jailed up to four years. First time offenders found guilty of loanshark harassment face a fine of up to $50,000 and jail of up to five years. They can also be caned.
