Lecturer arrested for suspected involvement in money-lending business
Posted: 17 September 2010 2043 hrs
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SINGAPORE : A part-time polytechnic lecturer has been arrested for suspected involvement in an unlicensed money-lending business.
He was caught with another man on Thursday. They were believed to be leaders of a syndicate.
Items such as cash, mobile phones, laptops and note books with loan records were seized.
Preliminary investigations revealed that the syndicate had a pool of 200 debtors.
The two suspects will be charged in court on Saturday and if found guilty can be fined up to S$300,000, jailed up to four years, and also be liable to caning.
- CNA/al