Man arrested for giving old address to loansharks

Man arrested for giving old address to loansharks

SINGAPORE - A 49-year-old man was arrested by the police on Wednesday for using his previous residential address to obtain illegal loans from loansharks.

The suspect had borrowed money from loansharks without updating his address on his NRIC, causing the occupants of his former home to be targeted by loanshark harassment.

He had also assisted the loanshark syndicates by giving away his Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.

Police arrested him in the vicinity of Segar Road on Sept 11.

Investigations against the suspect are on-going.

Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment for a term not exceeding 12 months.

In addition, first-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined not less than $30,000 and not more than $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning of not more than six strokes.

Under the National Registration Act, any person who is guilty of an offence of failing to report a change of address shall be liable on conviction to a fine not exceeding $5,000/- or to imprisonment for a term not exceeding 5 years or to both.

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