SINGAPORE - A 50-year-old man has been arrested for allegedly assisting loansharks with fund transfers.
The police found five Automated Teller Machine (ATM) cards on him when he was arrested in a shopping centre along Upper Cross Street on Wednesday. He is believed to have used the cards to carry out the fund transfers.
Also seized from him were three mobile phones, several bank transaction receipts and slips of paper containing entries relating to loansharking activities.
Investigations against the suspect are ongoing. First-time offenders found guilty of assisting unlicensed moneylenders face a fine of between $30,000 and $300,000, a maximum jail term of four years and up to six strokes of the cane.