2 arrested for involvement in loanshark activities
AsiaOne
Thursday, Feb 28, 2013
SINGAPORE - Police have arrested a 54-year-old man and a 25-year-old woman for suspected involvement in loansharking activities.
On February 27, 2013, at about 12.15am, through follow-up investigations, officers from Ang Mo Kio Police Division arrested the two suspects in the vicinity of Yishun Central.
Preliminary investigations indicated that the suspects had given away their ATM cards and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.
Investigations against the suspects are on-going.
Under the Moneylenders Act (Revised Edition 2010), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender.
If convicted, first-time offenders may be fined between $30,000 and $300,000, and face a jail term of up to 4 years and caning of up to 6 strokes.
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