Police smash loanshark syndicate
Posted: 13 September 2012 1619 hrs
SINGAPORE: In a five-hour island-wide operation on Thursday, police smashed a loanshark syndicate and arrested six men and three women aged between 22 and 52 for suspected involvement in loansharking activities.
Officers from the Criminal Investigation Department (CID) and Police Intelligence Department conducted simultaneous raids in Bedok, Bukit Panjang, Chai Chee, Jurong and Pasir Ris which resulted in the arrests.
During the operation, cash amounting to more than S$9,000, Automated Teller Machine (ATM) cards, 15 mobile phones and various computing devices were seized.
Seven of the suspects will be charged in Court on Friday under the Moneylenders Act, while investigation against the remaining two is ongoing.
Covering director of the CID, Deputy Assistant Commissioner of Police, Sekher Warrier said: "(The) police (are) determined to keep up sustained efforts against these loansharking syndicates. Action will be taken against all syndicate members, including those who render assistance to syndicates, and we will spare no efforts to track them down with a view to prosecute them in Court."
Under the Moneylenders Act 2010 (Revised Edition), those found guilty of operating or assisting in the operating of a loansharking business may be fined between S$30,000 and S$300,000 with mandatory imprisonment of up to four years.
They could also be given up to six strokes of the cane.
- CNA/cc
