2 men arrested for alleged involvement in loansharking activities

2 men arrested for alleged involvement in loansharking activities

Police have arrested two men, aged 34 and 50 years old, for involvement in loansharking activities in two separate cases.

The men were arrested on Sep 20 and 22 respectively in the vicinity of Sembawang Crescent after follow-up investigations by officers from Ang Mo Kio Police Division.

Preliminary investigations indicate that the both men had given away their ATM cards and Personal Identification Numbers (PIN) to loansharks to facilitate the business of unlicensed moneylending.

Investigations against both suspects are on-going.

First-time offenders can be fined between $30,000 and $300,000 if found guilty or jailed for up to four weeks and up to six strokes of the cane.

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