SINGAPORE - Seven men aged between 16 and 45 have been arrested by the police for suspected involvement in loansharking activities.
According to a police statement, loanshark paraphernalia was found on three men, aged between 16 and 18 on Nov 17 at about 2.40am. The three men were in a taxi that was stopped at a road block along Clementi Road.
Preliminary investigations revealed that the three men were suspected to have committed loanshark harassment by spraying paint and scrawling loan shark-related graffiti on the walls of the HDB blocks in Clementi, Tampines, Hougang and Bedok housing estates.
Follow up investigations netted four more suspects. Two 17 year-olds were arrested near Boon Lay Drive for suspected involvement in other cases of loanshark harassment at Tampines, Bedok, Toa Payoh and Jurong West, while two more men, aged 16 and 45, were later arrested for suspected involvement in recruitment for loanshark syndicates.
The seven suspects will be charged in Court on Nov 18. Under the Moneylenders Act, first-time offenders found guilty of loanshark harassment shall be fined not less than $5,000 and not more than $50,000 with mandatory imprisonment of up to five years and mandatory caning of up to six strokes.
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 for caning with not more than six strokes.