14 people arrested for alleged involvement in loansharking activities
By Sharon Tong | Posted: 27 June 2012 1933 hrs
SINGAPORE: Police have arrested eight men and six women for their alleged involvement in loansharking activities.
The suspects, aged between 25 and 60, were arrested earlier this week on June 25 and 26.
Police said preliminary investigations showed that the suspects opened bank accounts and gave the PIN numbers and ATM cards of these accounts to loanshark syndicates to facilitate their businesses.
Under the Moneylenders Act, first-time offenders found guilty of facilitating the business of an unlicensed moneylender may be fined between S$30,000 and S$300,000.
They could also be jailed up to four years and caned.
-CNA/ac
