Three men aged 17, 18 and 27 arrested for involvement in loansharking
Published on Sep 30, 2014 8:29 PM
By Hoe Pei Shan
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SINGAPORE - Three men aged between 17 and 27 have been arrested for their involvement in two loansharking cases.
The first was reported to the police on Sept 19 by a victim who claimed that the main gate of her Woodlands Drive 14 residence had been secured with a bicycle lock surrounded by loanshark-related graffiti. Two teenage boys aged 17 and 18 believed to be assisting loansharking syndicates in harassing victims were subsequently arrested on Monday in Jalan Bukit Merah.
The second case involved a 27-year-old who was apprehended on Monday on suspicion of having assisted loanshark syndicates to procure ATM cards and pin numbers from debtors for use in unlicensed moneylending businesses. Among the items seized were 10 ATM cards, two mobile phones and cash amounting to SGD$1,810.
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, may be fined between $30,000 and $300,000, or imprisoned for a term not exceeding four years and punished with caning of not more than six strokes. First time offenders found guilty of loanshark harassment could face up to 5 years, fines between $5,000 and $50,000, and also three to six strokes of the cane.
