3 nabbed for alleged loanshark involvement

3 nabbed for alleged loanshark involvement

SINGAPORE - Police have arrested 2 men, ages 33 and 61, and a 50-year-old woman for suspected involvement in loanshark activities in 3 separate cases.

In the first case, the 33-year-old male suspect was arrested in the vicinity of Sengkang Square on Oct 7 at 2.45 pm.

Preliminary investigations indicate that he is a debtor who had used his previous residential address to obtain illegal loans from loansharks.

This caused the occupants of his previous home to be harassed by loansharks.

In addition, the suspect is also being investigated for failing to report the change of his residential address under the National Registration Act.

In the second case, the 61-year-old male suspect was arrested in the vicinity of Ang Mo Kio Avenue 9 on Oct 8 at 12.25pm. The suspect is believed to have assisted loansharks in their businesses by opening bank accounts for their use.

In the third case, a 50-year-old female suspect was apprehended in the vicinity of Sengkang Square on Oct 8 at 4.35pm. Investigations revealed that she had provided her ATM card to a loanshark syndicate and allowed them to use her card for their business.

Investigations against all 3 are on-going.

First-time offenders found guilty of assisting an unlicensed moneylender could be fined up to $300,000 or be jailed for up to 4 years and caned up to 6 strokes.

In addition, any person guilty of providing false contact information to obtain loans from loansharks shall be jaild up to 12 months.

Failure to report a change of address could also result in fine not of up to $5,000, maximum jail term of 5 years or both.


More about

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.