Updated: 09/22/2013 19:36 | By Channel NewsAsia
Police arrest two men for involvement in loanshark activities
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SINGAPORE: Police have arrested two men, aged 34 and 50 years old, for involvement in loansharking activities in two separate cases.
The men were arrested on 20 and 22 September 2013 respectively in the vicinity of Sembawang Crescent after follow-up investigations by officers from Ang Mo Kio Police Division.
Preliminary investigations indicate that the both men had given away their ATM cards and Personal Identification Numbers to loansharks to facilitate the business of unlicensed moneylending.
The Singapore Police Force said in statement on Sunday that investigations against both suspects are on-going.
The statement said that, under the Moneylenders Act (Revised Edition 2010), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less than S$30,000 and not more than S$300,000, be imprisoned for a term not exceeding four years and shall also be liable for caning with not more than six strokes.
Commander of Ang Mo Kio Police Division, Assistant Commissioner of Police Keok Tong San, commended his officers for their perseverance and commitment in the fight against loansharking activities, adding that the police will continue to come down hard on all those involved in loansharking activities. - CNA/fa
