Police arrest 39 in largest crackdown against illegal moneylender activities

[lauhumku]

Police arrest 39 in largest crackdown against illegal moneylender activities
By Sharon See | Posted: 04 June 2010 2041 hrs
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SINGAPORE: Police arrested 30 men and nine women aged between 18 and 62 years old for suspected involvement in loansharking activities. Police said preliminary investigations showed that 37 of the suspects had allegedly facilitated in the business of the loansharking syndicates by opening bank accounts and giving away their ATM cards and PIN to the loansharks.

Two had allegedly splashed paint and scrawled loanshark-related graffiti in the Hougang estate. Police said at least 29 of those arrested are also believed to be debtors or guarantors. During the operation, police seized a can of paint, markers, copies of bank statements and ATM card as case exhibits.

All the bank accounts that were allegedly involved in the illicit unlicensed moneylending business have since been frozen. Police said it conducted a 19-hour islandwide operation from June 3 to 4, with simultaneous raids at Jalan Besar, Circuit Road, Tampines, Sengkang East Way, Hougang, Ang Mo Kio and Yishun.

First-time offenders found guilty of assisting in the business of an unlicensed moneylender, may be fined up to S$300,000, jailed for up to four years and caned for not more than six strokes. Those acting on behalf of an unlicensed moneylender, commit or attempt to commit any acts of harassment may be jailed for up to five years, fined up to S$50,000 and caned not more than 6 strokes. - CNA/vm