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Man arrested for involvement in loanshark activities
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AsiaOne
Tuesday, Feb 11, 2014
SINGAPORE - The police have arrested a 43-year-old man for his involvement in loansharking activities.
Officers from Ang Mo Kio Police Division arrested the suspect in the vicinity of Tebing Lane on Feb 11 at about 12.30 pm.
Preliminary investigations indicated that the suspect had given away his ATM card and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.
Investigations against the suspect are on-going.
Under the Moneylenders Act (Revised Edition 2010), a person is presumed to have assisted in the business of an unlicensed moneylender if his bank account or ATM card is used to facilitate unlicensed moneylending activities.
First-time offenders, if found guilty, may be fined not less than $30,000 and not more than $300,000/-, face a jail term not exceeding 4 years and will also be liable for not more than 6 strokes of caning.
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