2 men arrested for suspected loansharking activities

2 men arrested for suspected loansharking activities

SINGAPORE - Two men, aged 26 and 59, have been arrested for suspected involvement in two separate cases of loansharking activities.

On Dec 30 last year between 11.05am and 9.35pm, officers from Ang Mo Kio Police Division arrested the two men in the vicinity of Sengkang Square.

Preliminary investigations revealed that both suspects are debtors-turned-runners. They had facilitated the unlicensed money lending business by giving away their ATM cards and Personal Identification Numbers (PIN) to a loansharking syndicate.

Investigations against the two suspects are on-going.

First-time offenders found guilty of loanshark harassment may be fined not less than $5,000 and not more than $50,000 with mandatory imprisonment of up to five years and mandatory caning of up to six strokes.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less than $30,000 and not more than $300,000, be imprisoned for a term not exceeding 4 years and shall also be liable for caning with not more than six strokes.

wjeanne@sph.com.sg

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