19-year-old loanshark runner arrested
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AsiaOne
Sunday, Apr 20, 2014
SINGAPORE - A 19-year-old male teenager was arrested on suspicion of being involved in loansharking activity.
Police were on their rounds on April 19 at around 6.15pm when they spotted the teenager behaving suspiciously near an Automated Teller Machine (ATM) at Clementi Ave 3.
They found several loanshark-related items when searching the teenager. Police seized one mobile phone containing suspected debtors' records, three ATM cards and five ATM transaction receipts as case exhibits.
He was arrested. Preliminary investigations revealed that the teenager was lured by easy money and had assisted loansharks in their businesses by carrying out electronic fund transactions via ATM.
Investigations against him are on-going.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined between $30,000 and $300,000, be jailed up to four years and shall also be liable to be punished with caning of not more than six strokes.
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