Aug 26, 2010
Loanshark runner caught
<!-- by line --> By Hannah Koh
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<!-- end left side bar --> <!-- story content : start --> A MAN was arrested by the police on Wednesday evening for suspected involvement in loansharking activities. Police officers patrolling the vicinity of Block 446 Clementi Avenue 3 at 7.40pm, spotted the 27-year-old suspect behaving suspiciously at an Automated Teller Machine (ATM).
Police checked him and found cash of about $200 and several ATM cards. He was arrested. Further investigation revealed that the suspect is a debtor-turned-runner who makes bank transfers on behalf of loansharks.
Investigations are ongoing. First-time offenders found guilty of assisting in carrying on an unlicensed moneylending business can be fined between $30,000 and $300,000, and jailed up to four years, and caned up to six strokes.
