Duo arrested for providing false info to loansharks

[ChewCheng]

Does this mean we must declare actual address to loanshark? The charge of providing false information is for the loanshark??!!

SINGAPORE - Police Thursday arrested a man and a woman, aged 51 and 63, for providing false contact information to loansharks when obtaining illegal loans.

Investigations show that the two suspects used their previous residential addresses instead, which resulted in loansharks harassing the locations' current owners.

The duo is also under investigation for failing to report the change of their address under the National Registration Act.

Investigations against the two suspects are ongoing.

If convicted of providing false information, they face a maximum jail term of 12 months.

If convicted of not reporting their change of address, they face a fine up to $5,000, or a maximum jail term of five years or both.

[email protected]

 

[mollusk]

Haha..the way our sph wrote it make it look like it is legal to borrow from loanshark.

 

[wikiphile]

Does this mean we must declare actual address to loanshark? The charge of providing false information is for the loanshark??!!

It means that the new owner who bought their flat kena from the loansharks instead of them. You won't be pissed if loansharks come and harass you everyday for a loan you never took?

 

[I_Hate_Pappies]

Wahahaha! Loanshark made police report cause customer declares fake address? Next time go court do statutory declaration first before anyone can borrow from loanshark.

 

[Raiders]

Singapore laws is really funny. Seem to be set to ass the peasants day in day out.

 

[Rogue Trader]

Waolao... sabo their flat buyers!

 

[mollusk]

Wahahaha! Loanshark made police report cause customer declares fake address? Next time go court do statutory declaration first before anyone can borrow from loanshark.

loanshark not happy because resources were wasted.so must ask the police to take action instead...

 

[streetsmart73]

Haha..the way our sph wrote it make it look like it is legal to borrow from loanshark.

hi there


1. tsk tsk tsk!
2. bro, no eye see.
3. what's going to happen here in this little red dot?

 

[LeMans2011]

Errr... i would imagine you guys understand it is the new flat owners who report the harassment to police.
My sister experienced exactly the same thing a few years back.. her flat kanna splashed red paint.

Outcome: Town Council said, we will clean away stains on the wall since it is common area, but windows you have to clean yourself.

Our poodles really knows how to set their priorities... tsk tsk tsk

 

[laksaboy]

Don't you know? Moneylending is a legit business in Singapore these days.

Of course, harrassment, vandalizing are crimes, but the act of lending money at exorbitant interest is not.
Just register your moneylending business and it's legal.


http://news.xin.msn.com/en/singapore/article.aspx?cp-documentid=5399104

The Law Ministry's Senior Parliamentary Secretary, Sim Ann explains the reversal in policy.

"In 2009, we lifted the restrictions on advertising with the intention of allowing borrowers to have a basis to obtain information about licensed moneylenders as well as the loan packages that they offer so that an informed decision can be made on the part of the borrower. But we've also observed high levels of advertising and marketing activity. This brings about another concern which is that, with excessive advertising, it may inadvertently encourage borrowers to borrow beyond their means to repay or to encourage a reckless borrowing culture."

http://en.wikipedia.org/wiki/Marina_Bay_Sands

Originally set to open in 2009, Las Vegas Sands faced delays caused by escalating costs of material and labour shortages from the onset. The severe global financial crisis also pressured the company to delay its projects elsewhere to complete the integrated resort.

 

[GoldenDragon]

Don't you know? Moneylending is a legit business in Singapore these days.

Of course, harrassment, vandalizing are crimes, but the act of lending money at exorbitant interest is not.
Just register your moneylending business and it's legal.

Some changes coming up in June. Licensed moneylenders all kpkbooing recently. Was told no more processing fee and some changes wrt to min salary cap.

 

[KoalaJack]

the f******* duo should be jailed 20years and caned whatever their ages....financially poor-bastard pests!

 

[Narong Wongwan]

loanshark not happy because resources were wasted.so must ask the police to take action instead...

Ah Loan need to testify as witness?
Granted the borrowers were wrong also but this is missing the forest for the trees.
Powerless against loansharks so they go after the borrowers.
Why go after loophole of address change law?
Just criminalize ah long borrowers in one broad stroke 'solve' the problem.

 

[drifter]

Some changes coming up in June. Licensed moneylenders all kpkbooing recently. Was told no more processing fee and some changes wrt to min salary cap.

most singapore law got lobang ...if you can find the lobang and work towards your advantage ...chenghu also lan lan

 

[johnny333]

Some changes coming up in June. Licensed moneylenders all kpkbooing recently. Was told no more processing fee and some changes wrt to min salary cap.

Sounds like a profitable bizesss I can do from home. Got low overheads as you can hire some school kids to handout flyer, act as collection agents to harass non-payers by offering free paint jobs.

Anyone know if I can run a "legal" loan sharking business from my home

 

[Unrepented]

Luckily loansharks harass their debtors and damage their property, otherwise the integrity of their customers' information would not have been protected by the law....LOL