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23 arrested for suspected involvement in loansharking activities
By Andre Yeo | Posted: 05 April 2011 1830 hrs
SINGAPORE: Officers from Central Police Division have arrested 18 men and five women, aged between 19 and 60, for suspected involvement in loansharking activities.
During the 28-hour island-wide operation, which began on April 4, officers conducted raids at various locations including Bedok, Tampines, Redhill, Serangoon and Boon Lay.
Police said the suspects opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PIN) to loansharking syndicates to assist in their activities.
One suspect was believed to have acted as a runner for an unlicensed moneylender by carrying out bank transfers. Several ATM cards and ATM transaction receipts were seized during the operation.
Under the Moneylenders Act 2010 (Revised Edition), where a bank account or ATM card is used to help a loanshark business, that person is presumed to have assisted in the business.
First-time offenders convicted can be fined between S$30,000 and S$300,000, be jailed up to four years and can also be given up to six strokes of the cane.
-CNA/ac
