3 men arrested for loanshark activities

3 men arrested for loanshark activities

SINGAPORE - Police have arrested three men, aged 66, 41 and 17, for their suspected involvement in loansharking activities in two separate cases.

In the first case, police arrested a 66-year-old man at Woodlands Street 11 on Sunday for assisting a loanshark syndicate in collecting Automated Teller Machine (ATM) cards and Personal Identification Numbers (PIN).

Through follow up investigations on his arrest, Police officers laid an ambush and arrested another suspect, a 41-year-old man,at Aljunied Road.

The second man is believed to be a debtor-turned-runner who also assisted the loanshark syndicate by collecting ATM cards and PINs. A total of seven ATM cards, a stack of ATM transaction receipts and three handphones were seized from both men.

In another case, officers arrested a 17-year-old male on Monday for sourcing and recruiting people to commit loanshark harassment at borrowers' units.

Both the 41-year-old and 17-year-old suspects will be charged in Court on Tuesday.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined between $30,000 and $300,000. They can also be imprisoned for up to four years and given up to six strokes of the cane.

Investigations against the 66-year-old suspect in the first case are still ongoing.

Purchase this article for republication.



Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.