PUBLISHED ONJune 24, 2015 6:48 AM
SINGAPORE - Four men have been arrested for their suspected involvement in two separate unlicensed moneylending cases, the police said in a statement today.
In one of the cases, a 43-year-old man was arrested on Tuesday at Sirat Road for allegedly using a bicycle chain to lock the main gate of a debtor's residence and pasting a debtor's note on the main door.
In the other case, three men aged between 29 and 52 were arrested yesterday and today for allegedly assisting unlicensed moneylending syndicates with obtaining Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs).
Investigations also revealed that one of the suspects had allowed his bank accounts and ATM cards to be used to facilitate unlicensed moneylending businesses.
Police seized a total amount of $650 in cash, 14 ATM cards, and three mobile phones in connection with the two cases.
The four suspects will be charged in court tomorrow.
First time offenders found guilty of loanshark harassment face up to five years in jail, a fine of between $5,000 and $50,000, and between three and six strokes of the cane.
First time offenders found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending face up to four years in jail, a fine of between $30,000 and $300,000, and up to six strokes of the cane.
huizhen@sph.com.sg