2 men arrested for loanshark activities

2 men arrested for loanshark activities

SINGAPORE - Police have arrested 2 men for their alleged involvement in loanshark activities.

On October 14, a 28-year-old suspect was arrested at Geylang Road. He is believed to have assisted loansharks with the collection of repayments from borrowers.

Two days later, police arrested a 22-year-old suspect at Telok Blangah Drive. He is believed to be involved in a case of loanshark harassment at Hougang Street 91. The suspect had allegedly placed a bicycle lock on the gate at a debtor's house.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined no less than $30,000 and not more than $300,000. They will also face a jail term not exceeding 4 years and can be given up to 6 strokes of the cane.

First-time offenders found guilty of loanshark harassment can be fined between $5,000 and $50,000, and can be jailed for up to 5 years. They may also be given up to 6 strokes of the cane.

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