- Joined
- Oct 21, 2009
- Messages
- 1,319
- Points
- 0
14 arrested for suspected loansharking activities
Posted: 22 September 2011 1750 hrs
SINGAPORE: Police have arrested 14 people - 10 men and four women - in an islandwide crackdown on loansharking activities on Wednesday.
The suspects are between 27 and 60 years old
Police said the simultaneous raids were conducted in Clementi, Jurong West, Ang Mo Kio, Hougang, Toa Payoh, Bedok and Tampines.
Twelve of the suspects had allegedly opened bank accounts and gave away their ATM cards and PINs to unlicensed moneylending syndicates.
Two others were believed to have obtained loans from loansharks by using their previous home addresses, resulting in loanshark harassments against new residents.
Investigations against the suspects are ongoing.
It is illegal for someone to give their bank account or ATM card to an unlicensed moneylender to facilitate their business.
First-time offenders can be fined between S$30,000 and S$300,000. They can also be jailed for a term not exceeding four years.
Failing to report a change of address carries a fine not exceeding S$5,000, a prison term not exceeding five years, or both.
-CNA/ac
