Man arrested for assisting loansharks

Man arrested for assisting loansharks

SINGAPORE - Police have arrested a 37-year-old man for his suspected involvement in loansharking activities.

On Jan 14, 2015 at about 5.15pm, Crime Strike Force Officers from Woodlands East Neighbourhood Police Centre arrested the man in Woodlands.

Preliminary investigations revealed that he is a debtor-turned-runner, who is believed to have assisted loansharks to collect Automated Teller Machine (ATM) cards with Personal Identification Numbers from debtors before using them to perform ATM fund transactions.

An ATM card, a bank account book and a mobile phone were seized when he was arrested. Investigations against the man are still ongoing.

Under the Moneylenders Act 2010 (Revised Edition), 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 a term not exceeding four years, and cane up to six strokes.

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