Debtor who helped loansharks place ads in newspapers arrested
AsiaOne
Wednesday, Jul 17, 2013
SINGAPORE - Police have arrested a 31-year-old man for suspected involvement in loanshark activities.
On July 15 at about 1pm, officers arrested the suspect in the Bedok North Road area.
Preliminary investigations indicate that the suspect had helped loansharks place advertisments offering financial assistance in newspapers as a false front to promote the unlicensed moneylending business.
Investigations against the suspect are ongoing. Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the business of an unlicensed moneylender may be fined $30,000 to $300,000, imprisoned for a term not exceeding 4 years, and shall also be caned a maximum of six strokes.
