Suspected loanshark runner arrested
AsiaOne
Wednesday, Dec 26, 2012
SINGAPORE - Police have arrested a 28-year-old man for suspected involvement in loansharking activities.
He was arrested along Choa Chu Kang Street 53 on Dec 26 at about 1.45am after police officers received a tip-off.
Preliminary investigations revealed that the suspect is a debtor-turned-runner and had assisted loanshark syndicates by printing flyers offering loans from unlicensed moneylenders. Three boxes of flyers with such advertisements offering loans were seized from his possession.
Investigation against the suspect is still ongoing.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender will be fined between $30,000 and $300,000, jailed for up to four years, and receive up to six strokes of cane.
A list of approved licensed moneylenders is available on The Insolvency and Public Trustee's Office's website (www.ipto.gov.sg).
