2 arrested for loansharking activities

2 arrested for loansharking activities

A 54-year-old man and a 21-year-old woman have been arrested for their involvements in loansharking activities in two separate cases.

The man was arrested along Choa Chu Kang Street 52 on April 1 at 12.35pm.

Preliminary investigations revealed that the suspect had used his previous residential address to obtain illegal loans from loansharks, resulting in the current house occupants of his previous residence being harassed by loanshark syndicates.

Investigations also showed that the suspect had failed to report the change of his residential address within 28 days.

In the second case, the woman was arrested on April 2 at 12.30am along Teck Whye Lane.

Investigations revealed that she is believed to have assisted loanshark syndicates to carry out series of loansharking harassments at Woodlands and Jurong West public housing estates by splashing paint at debtors' units, padlocking units' main gates and scrawling loanshark graffiti on the walls.

Upon her arrest, one mobile phone was seized in connection to the case.

Investigations against the suspect in the first case are ongoing while the suspect in the second case will be charged in court on April 3.

Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment of up to 12 months.

First time offenders found guilty of loanshark harassment shall be punished with imprisonment for up to 5 years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to caning of not less than 3 and not more than 6 strokes.

Under the National Registration Act, any person who is guilty of an offence of failing to report a change of address shall be liable on conviction to a fine of up to $5,000 or to imprisonment not exceeding 5 years, or to both.

klim@sph.com.sg

More about

loansharks
Purchase this article for republication.

BRANDED CONTENT

SPONSORED CONTENT

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.