Suspected loanshark runner nabbed

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Suspected loanshark runner nabbed

AsiaOne
Saturday, Apr 13, 2013

SINGAPORE - Police have arrested a 41-year-old man for suspected involvement in loansharking activities on April 10.

He was arrested in the vicinity of Ang Mo Kio Ave 9 for suspected involvement in loansharking activities.

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.

A search of his vehicle also uncovered drug utensils and substances believed to be illegal drugs. He was arrested for involvement in loansharking activities and has been referred to the Central Narcotics Bureau (CNB) for the drug offences.

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 $30,000 and not more than $300,000, be imprisoned for a term not exceeding 4 years and shall also be liable for caning with not more than 6 strokes.

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