Loanshark runner arrested

Loanshark runner arrested

SINGAPORE - The police have arrested a 30-year-old man for his suspected involvement in loansharking activities.

On May 30, at about 2.15am, officers from Ang Mo Kio Police Division on patrol came across a man loitering around an Automated Teller Machine (ATM) in the vicinity of Yishun Avenue 5.

Preliminary investigations revealed that he was performing fund transfers for loansharks. The suspect was subsequently arrested.

Investigations against the suspect are ongoing.

Under the Moneylenders Act (Revised Edition 2010), a person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender if his bank account or ATM facilitates illegal moneylending.

First-time offenders face a fine between $30,000 and $300,000, a jail term of up to 4 years and shall also be liable for up to 6 strokes of the cane.

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