Man, 66, arrested for distributing loanshark namecards

Man, 66, arrested for distributing loanshark namecards

SINGAPORE - Police have arrested a 66-year-old man for allegedly helping loansharks with the distribution of name cards after he failed to service his loans.

Police saw the suspect distributing name cards offering loans believed to be from loansharks at Hougang Avenue 10 on December 19.

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. They can also be imprisoned for up to 4 years and may also be given up to 6 strokes of the cane.

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