36-year-old man arrested for suspected loanshark activities
Published on Apr 15, 2015 1:50 AM
By Calvin Yang
SINGAPORE - A 36-year-old man has been arrested for suspected involvement in loanshark activities.
Officers from Jurong Police Division arrested the man at Woodlands Square on Monday at about 9.10pm. A mobile phone and three Automated Teller Machine (ATM) cards were also seized in connection to the case.
The suspect is believed to be a debtor-turned-runner. Preliminary investigations showed he helped a loanshark syndicate to obtain ATM cards and PINs from other debtors.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of carrying out business as an unlicensed moneylender or assisting in unlicensed moneylending could be jailed for up to four years, fined a minimum of $30,000 and up to $300,000, and receive up to six strokes of the cane.
