Man, 38, arrested for acting as loanshark intermediary

Man, 38, arrested for acting as loanshark intermediary

SINGAPORE - A 38-year-old man has been arrested by the police for suspected involvement in loansharking activities.

On Sept 15, at about 7.30 pm, a loanshark debtor was approached at his unit by the suspect and was told to take a call from a loanshark who demanded repayment.

The debtor immediately called the police after handing back the mobile phone to the suspect, who left the place thereafter.

Officers from the Ang Mo Kio Police Division promptly arrived and managed to locate and detain the 38-year-old male suspect near the debtor's unit in the vicinity of Buangkok Crescent.

The suspect was subsequently placed under arrest.

Investigations against the suspect are ongoing.

Under the Moneylenders Act (Revised Edition 2010), 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 four years and shall also be liable to be punished with caning of not more than six strokes.

grongloh@sph.com.sg

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

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