SINGAPORE - A 42-year-old man was arrested in Aljunied Crescent yesterday for suspected involvement in loansharking activities.
According to a media statement from the police, upon his arrest, several ATM cards were found in his possession. He is believed to have assisted loansharks to obtain the ATM cards from other debtors and perform fund transfers via Automated Teller Machines (ATM).
Investigations against the suspect are on-going for assisting in the carrying on of the business of an unlicensed moneylender.
Under the Moneylenders Act (Revised Edition 2010), 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 4 years and shall also be liable for caning with not more than 6 strokes.