Man and woman arrested for loanshark activities

SINGAPORE - Police have arrested a 33-year-old man and a 30-year-old woman for suspected involvement in loansharking activities.

Both suspects were arrested at MacPherson Road at about 9.00am on Monday. They are believed to have given away their ATM cards and Personal Identification Numbers (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending, and may have also assisted loansharks with electronic bank transfers. The male suspect is also believed to have provided residential addresses of debtors to loanshark harassers.

Investigations against the female subject are ongoing.

The male suspect will face court on Wednesday.

First time offenders found guilty of loanshark harassment face imprisonment of up to 5 years, a fine between $5,000 and $50,000, and could also be caned between 3 to 6 strokes.

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 also face a jail term of up to 4 years and may also be given up to 6 strokes of the cane.