Man, 39, arrested for loansharking activities

Man, 39, arrested for loansharking activities

SINGAPORE - Police have arrested a 39-year-old man for his suspected involvement in loansharking activities.

The man was arrested at Blk 501 Bishan St 11 last night at 8pm.

Preliminary investigations revealed that he is believed to have assisted the loanshark syndicate by procuring ATM cards and Personal Identification Numbers (PIN), and using them to carry out unlicensed moneylending activities.

Upon his arrest, one mobile phone, four ATM cards, one i-banking token and $80 were seized in relation to the case.

Investigations against the suspect are ongoing.

He will be charged in court on Monday. Under the Moneylenders Act, 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, imprisoned for up to four years and also caned up to six strokes.

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