2 men arrested for suspected loanshark activities
AsiaOne
Wednesday, Jan 16, 2013
SINGAPORE - Police have arrested 2 men, aged 46 and 48 years, for suspected involvement in loansharking activities in 2 separate cases.
In the first case, on January 15, 2013 at about 5.50pm - acting on a tip-off - officers from Jurong Police Division arrested the 46-year-old man in the vicinity of Segar Road for suspected involvement in loansharking activities.
Preliminary investigations indicate that he is a debtor-turned-runner and is believed to have assisted loanshark syndicates to collect ATM cards from debtors and performed electronic funds transactions via ATMs.
Upon his arrest, 3 ATM bank cards, one bank passbook and a handphone were seized for the purpose of investigations.
In the second case, on the same day at about 5.59pm - acting on information received - officers from Jurong Police Division arrested a 48-year-old man in the vicinity of Jelebu Road for suspected involvement in loansharking activities.
Preliminary investigations indicate that he is a debtor-turned-runner and is believed to have assisted loanshark syndicates to collect ATM cards from debtors, verifying borrower's particulars and performed electronic funds transactions via ATMs.
Upon his arrest, 11 ATM bank cards, two handphones, $500 and copies of bank transfer receipts were seized in connection to the case.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender shall be liable to a fine of not less than $30,000 and not more than $300,000, imprisonment for a term of up to four years and caning of not more than six strokes.
First-time offenders found guilty of loanshark harassment shall be fined not less than $5,000 and not more than $50,000 with mandatory imprisonment of up to five years and mandatory caning of up to six strokes.
Commander of Jurong Police Division, Deputy Assistant Commissioner of Police, Wilson Lim, commended his officers for their determined efforts in clamping down on loansharking activities.
He reiterated that the Police will do its utmost to root out the loanshark syndicates and anyone found assisting the loansharks in any way will be dealt with severely.
