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SINGAPORE - Police have arrested two people involved in loansharking activities.
Offices from Ang Mo Kio Division arrested a 38-year-old suspect after preliminary investigations revealed that he is a debtor-turned-runner. He was caught in the vicinity of Ang Mo Kio Avenue 9 on August 13.
He is believed to have assisted loansharks in their businesses by performing electronic fund transactions using his bank account.
On the same day, officers from the same division arrested a 54-year-old man at Ang Mo Kio Avenue 1.
The suspect turned out to be a debtor-turned-runner after follow-up investigations.
He assisted the loansharks by opening several bank accounts and giving them his Automated Teller Machine (ATM) cards. He revealed his Personal Identification Numbers (PIN) to them as well.
He also helped to verify particulars of potential customers before the issuance of the loans and facilitated electronic funds transactions via the ATMs.
Two handphones containing suspected debtors' records were found in his possession and seized as case exhibits.
Investigations against the two suspects are ongoing.
Under the Moneylenders' Act (Revised Edition 2010), 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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Offices from Ang Mo Kio Division arrested a 38-year-old suspect after preliminary investigations revealed that he is a debtor-turned-runner. He was caught in the vicinity of Ang Mo Kio Avenue 9 on August 13.
He is believed to have assisted loansharks in their businesses by performing electronic fund transactions using his bank account.
On the same day, officers from the same division arrested a 54-year-old man at Ang Mo Kio Avenue 1.
The suspect turned out to be a debtor-turned-runner after follow-up investigations.
He assisted the loansharks by opening several bank accounts and giving them his Automated Teller Machine (ATM) cards. He revealed his Personal Identification Numbers (PIN) to them as well.
He also helped to verify particulars of potential customers before the issuance of the loans and facilitated electronic funds transactions via the ATMs.
Two handphones containing suspected debtors' records were found in his possession and seized as case exhibits.
Investigations against the two suspects are ongoing.
Under the Moneylenders' Act (Revised Edition 2010), 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.
[email protected]
.Become a fan on Facebook
