Aug 11, 2010
4 loanshark runners nabbed
<!-- by line --> By Hannah Koh
<!-- end by line -->
THREE youths and one man have been arrested by the police for suspected involvement in loansharking activities. Police were alerted to the presence of loanshark-graffiti at the staircase landing in the vicinity of Yishun Street 72, and further investigation led to the arrests of two females aged 17 and 18 years old and a male aged 19 years.
The last suspect, a 41-year-old man, was stopped by the police on Tuesday evening while they were conducting anti-crime rounds in Clementi for suspicious behaviour. Officers found cash of about $1,000, several ATM cards and bank transaction receipts on him, as well as similar items on the other three suspects.
All four suspects are believed to be working for several loansharks, performing duties such as harrassing debtors, carrying out bank transfers and collecting repayments. The suspects will be charged in court on Thursday for offences under the Moneylenders Act. First-time offenders found guilty of assisting in carrying on an unlicensed moneylending business may be fined from $30,000 and up to $300,000, and jailed for up to four years, and caning of up to six strokes.
