Aug 3, 2010
Anti-loanshark raids: 33 held
<!-- by line --> By Vanessa Jalleh
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<!-- end left side bar --> <!-- story content : start --> THIRTY-THREE people were arrested during an island-wide operation against unlicensed moneylending activities on Tuesday. The 20-hour raids from Monday afternoon to early Tuesday morning were conducted simultaneously at various locations in Tampines, Bedok, Circuit Road, Serangoon, Ang Mo Kio, Bukit Batok, Woodlands and Kreta Ayer.
Preliminary investigations revealed that the suspects had opened bank accounts and given their Automated Teller Machine (ATM) cards and Personal Identification Number (PIN) to loansharking syndicates for unlicensed moneylending.
Deputy Assistant Commissioner of Police Tan Hung Hooi, commended his officers on the success of their operation and continued efforts against loanshark activities. He said: "the Police take a serious view of individuals who allow their bank accounts to be used by the loansharks or assist in the business of the loansharks in any way.
We will continue to clamp down on unlicensed moneylending activities and will not hestitate to take action against those involved." Under the Moneylenders Act 2008, offenders who have assisted in the carrying on of the business of an unlicensed moneylender can be fined between $30,000 and $300,000, and jailed up to four years. First time offenders can be caned up to six strokes.
