SINGAPORE - A total of 13 people were arrested for their suspected involvement in loansharking activities in a 13-hour operation that commenced yesterday.
Eight men and five women aged between 21 to 59 were arrested during the operation.
Preliminary investigations indicate that these suspects are debtors-turned-assistors who opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.
Investigations against all 13 suspects are ongoing.
If found guilty of assisting in the carrying on of the business of an unlicensed moneylender, first-time offenders can be fined up to $300,000 and face an imprisonment term of up to four years.
He or she shall also be liable to be punished with caning of not more than six strokes.