2 arrested for involvement in loanshark activities

2 arrested for involvement in loanshark activities

Two men, aged 26 and 32, have been arrested in two separate cases for involvement in loanshark activities.

In the first case, police arrested the younger suspect last Saturday at about 12.45am at Serangoon Ave 4.

Preliminary investigations indicated that the suspect is a debtor-turned-runner who had assisted loansharks to perform fund transfers by carrying out electronic fund transactions via ATMs.

Following the arrest, a mobile phone containing loanshark-related entries, cash amounting to $4,370 and four ATM cards were found in the man's possession.

Investigations are ongoing.

In the second case, the 32-year-old suspect was arrested yesterday evening near Serangoon Ave 2.

Preliminary investigations indicated that the suspect had committed multiple cases of loanshark harassments at Hougang, Serangoon, Ang Mo Kio, Toa Payoh and Bedok housing estates by scrawling loanshark-related graffiti on the walls of HDB blocks.

He will be charged in court tomorrow for loanshark harassment.

Under the Moneylenders Act, 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, be imprisoned for up to four years and shall also be liable to be punished with caning of up to six strokes.

First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment may face jail term of up to five years, a fine between $5,000 and $500,000, and shall also be liable to three to six strokes of the cane.

klim@sph.com.sg

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