16 arrested for loansharking activities
AsiaOne
Friday, Mar 01, 2013
SINGAPORE - Police have arrested nine men and seven women, aged between 24 and 51, for suspected involvement in loansharking activities.
The suspects were arrested in a 16-hour operation between Feb 28 and Mar 1.
Preliminary investigations revealed that they are believed to have opened bank accounts and handed their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loanshark syndicates to facilitate their unlicensed moneylending businesses.
Several bank cards and transaction receipts were seized from the suspects. Police investigations are on-going.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined not less than $30,000 and not more than $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning of not more than six strokes.
