Three arrested on suspicion of loan shark activities
The suspects, none of whom were named, will be charged in court on Wednesday.
[video=youtube;TRB-rmKEQI4]https://www.youtube.com/watch?v=TRB-rmKEQI4[/video]
Published 10 hours ago
SINGAPORE - Two men were arrested in Bukit Batok on Monday on suspicion of loan shark activities.
Both are believed to be debtors-turned-runners who attempted to procure ATM cards to use in transactions.
They were caught with several ATM Cards, transaction receipts and mobile phones.
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In a separate case, a 20-year old woman was arrested on suspicion of loan shark harassment at Woodlands Circle.
She is also believed to have opened bank accounts and given her ATM Cards and PINs to loan shark syndicates to they could carry out illegal transactions.
The suspects, none of whom were named, will be charged in court on Wednesday.
Under the Moneylenders Act, first-time offenders found guilty of carrying on or assisting in the business as an unlicensed moneylender can be fined up to $300,000, imprisoned up to six years and receive up to six strokes of the cane.
Offenders found guilty of loan shark harassment can be fined up to $50,000, imprisoned for up to five years and receive up to six strokes of the cane.
