16 arrested in crackdown on loanshark syndicate
These loansharking-related paraphernalia were seized during the operation.
AsiaOne
Wednesday, Oct 24, 2012
SINGAPORE - Three women and 13 men were arrested for suspected involvement in loansharking activities in a 16-hour operation that started yesterday afternoon and ended early this morning.
In an island-wide operation to crackdown a loansharking syndicate, officers from the Criminal Investigation Department, supported by the Police Intelligence Department, conducted raids at various parts of Singapore including Boon Lay, Jurong East, Ho Ching Road, Telok Blangah, Woodlands, Circuit Road, Buangkok Crescent, Jalan Bukit Merah, Pasir Ris, Ang Mo Kio, Cantonment Road and Bukit Timah Road, resulting in the arrests.
An assortment of loansharking-related paraphernalia including cash amounting to about $15,000, 25 mobile phones, SIM cards, Automated Teller Machine (ATM) cards, computers, electronic data storage devices, an internet banking device, cans of paint, bank books and bank transactions receipts were seized during the operation.
The suspects are believed to be part of a loanshark syndicate and were involved in collecting repayments from debtors via ATM transactions and carrying out harassment at debtors' residences.
The syndicate is believed to have been responsible for more than 100 harassment cases.
Five of the suspects will be charged in Court on Oct 25 under the Moneylenders Act, while nvestigations against the remaining suspects are ongoing.
Under the Moneylenders Act, persons found guilty of operating or assisting in the operating of a loansharking business may be fined not less than $30,000 and up to $300,000 with mandatory imprisonment of up to four years and shall be liable to caning of up to six strokes.
Persons found guilty of committing loanshark harassment shall be punished with imprisonment for a term not exceeding five years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to be punished with caning of up to six strokes.
[email protected]
