2 arrested for loansharking activities in separate cases

[CarrotHead]

2 arrested for loansharking activities in separate cases

AsiaOne
Monday, Feb 04, 2013

SINGAPORE: Police have arrested 2 male suspects, aged 43 and 48 years old, for their suspected involvement in loansharking activities in two separate cases.

In the first case, officers arrested the 48-year-old suspect on Feb at 6.55pm near Hougang Ave 9.

Preliminary investigations indicated that the suspect is a debtor-turned-runner and had given away his ATM cards and PIN to a loansharking syndicate to facilitate the business of unlicensed moneylending.

In the second case, officers were patrolling the vicinity of Hougang Central on Feb 1 at 9.45pm, when they spotted the 43-year-old suspect behaving suspiciously.

A check was conducted and loanshark-related paraphernalia such as a mobile phone containing suspected debtors' records, ATM cards and bank transaction receipts were seized. The suspect was then placed under arrest.

Preliminary investigations indicated that he is a debtor-turned-runner who had assisted loansharks in their businesses by carrying out electronic fund transactions via ATMs.

Investigations against the two are ongoing.

Under the Moneylenders' Act, when a bank account or ATM card of any person is used to facilitate moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on the business of unlicensed moneylending.

First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.

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