2 men arrested for loanshark-related activities

2 men arrested for loanshark-related activities

SINGAPORE - Police have arrested two men, aged 24 and 27, for their suspected involvement in two separate cases of loanshark activities.

In the first case, a 24-year-old man is believed to have opened bank accounts and given away his Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loanshark synidcates.

Investigations against the suspect are ongoing.

In the second case, a 27-year-old man is believed to be a debtor-turned-runner who assisted loanshark syndicates with the collection of ATM cards from other debtors. In addition, the suspect had also opened bank accounts and gave his Automated Teller Machine cards and Personal Identification Numbers to loanshark syndicates.

Upon his arrest, one ATM card and one mobile phone were seized.

This suspect will be charged in court on September 6.

First time offenders found guilty of assisting an unlicensed moneylender may be fined between $30,000 and $300,000. He could also be imprisoned up to four years and given up to six strokes of the cane.

ljessica@sph.com.sg

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