M
Maeda Keiji
Guest
Jan 25, 2011
6 arrested over suspected loansharking activities
Police arrested five men and one women for suspected involvement in loansharking activities. -- PHOTO: ST FILE
POLICE arrested five men and one woman for suspected involvement in loansharking activities in an islandwide operation conducted early on Tuesday morning.
The suspects, aged between 28 and 62, were detained following raids in various locations including Loyang, Ang Mo Kio and Yishun. During the operation, police seized $90,000 in cash, 19 mobile phones, seven Automated Teller Machine cards, two laptops, a luxury watch, as well as loansharking-related paraphernalia like bank transaction slips and written records.
Three of the suspects will be charged in court on Wednesday under the Moneylenders Act. Investigations are ongoing against the remaining suspects.
Under the Moneylenders Act, persons found guilty of operating or assisting in the operating of a loansharking business may be fined between $30,000 and $300,000, up to four years in prison, and up to six strokes of the cane.
Those found guilty of loanshark harassment are punishable with a jail term of up to five years, can be fined between $5,000 and $50,000, and get up to six strokes of the cane.
Director of the Criminal Investigation Department, Assistant Commissioner of Police, Hoong Wee Teck, said: 'There will be no let up on our enforcement against loansharking syndicates. We are determined to eradicate these syndicates and will not allow such criminal elements any reprieve.
'Every single member of the syndicate, regardless of level of involvement, can expect to face the full brunt of the law'.