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Sep 25, 2009
Loansharking ring busted <!--10 min-->
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POLICE have busted a suspected loansharking syndicate, arresting five men and three women, including the suspected ringleader, in raids late on Thursday. Following intelligence and probes, officers from the Criminal Investigation Department and the Police Intelligence Department raided several locations, including Woodlands, Depot Road, Clementi, Beo Crescent and Telok Blangah. They seized about $16,000 in cash, mobile phones, ATM cards, suspected debtor records and date storage devices including thumbdrives, laptops and computers.
The suspects, aged between 22 and 34 years, were believed to have used electronic fund transfers and conducted harassment in connection with debtors' loans. 'Even where loansharking syndicate members are not directly involved in harassment, they are not absolved of responsibility,' said DSP Loh Kah Wah, Assistant Director of the Specialised Crime Division CID (Covering). 'From the operators who employ runners to harass debtors to the assistants who check units for harassment and issue loans, all have a role to play in this complex network and are responsible for causing anguish to innocent victims. Police will spare no effort in bringing such syndicates and those involved to task.'
Three of the suspects will be charged in court on Friday. First-time offenders found guilty of operating a business as an unlicensed moneylender may be fined up to $200,000 or jailed up to two years, or both. First-time offenders found guilty of loanshark harassment may be fined up to $40,000 or jailed up to three years or both. In addition, persons will be liable for caning where harm to persons or damage to property is caused during the course of committing the acts of harassment.
Sep 25, 2009
Loansharking ring busted <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- show image if available -->
POLICE have busted a suspected loansharking syndicate, arresting five men and three women, including the suspected ringleader, in raids late on Thursday. Following intelligence and probes, officers from the Criminal Investigation Department and the Police Intelligence Department raided several locations, including Woodlands, Depot Road, Clementi, Beo Crescent and Telok Blangah. They seized about $16,000 in cash, mobile phones, ATM cards, suspected debtor records and date storage devices including thumbdrives, laptops and computers.
The suspects, aged between 22 and 34 years, were believed to have used electronic fund transfers and conducted harassment in connection with debtors' loans. 'Even where loansharking syndicate members are not directly involved in harassment, they are not absolved of responsibility,' said DSP Loh Kah Wah, Assistant Director of the Specialised Crime Division CID (Covering). 'From the operators who employ runners to harass debtors to the assistants who check units for harassment and issue loans, all have a role to play in this complex network and are responsible for causing anguish to innocent victims. Police will spare no effort in bringing such syndicates and those involved to task.'
Three of the suspects will be charged in court on Friday. First-time offenders found guilty of operating a business as an unlicensed moneylender may be fined up to $200,000 or jailed up to two years, or both. First-time offenders found guilty of loanshark harassment may be fined up to $40,000 or jailed up to three years or both. In addition, persons will be liable for caning where harm to persons or damage to property is caused during the course of committing the acts of harassment.
