2 arrested for loansharking activities

2 arrested for loansharking activities

Two men, 50 and 65 were arrested in two separate cases for involvement in loansharking activities.

In the first case, on May 7, the police arrested the 65-year-old suspect around Sengkang Square.

Initial investigations revealed that he had assisted the loansharks by collecting ATM cards on behalf of loansharks and carrying out electronic fund transactions via Automated Teller Machine (ATM).

Following the arrest, 8 ATM cards, one handphone, one notebook and $2,020 in cash were seized by the police.

Also on May 7, the police arrested the 50-year-old around Tebing Lane.

Investigations indicate 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.

Investigations against both suspects are still on-going.

If found guilty of having assisted in the carrying on of the business of an unlicensed moneylender, first-time offenders can be fined between $30,000 and $300,000 and/or jailed up to 4 years and are liable to receive up to 6 strokes of the cane.

abrahamr@sph.com.sg

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