10 arrested for loansharking activities

10 arrested for loansharking activities

SINGAPORE - Police have nabbed 10 people suspected of loansharking activities.

During the 12 hours operation, officers from the Clementi Police Division arrested six men and four women, aged between 17 and 65, suspected to have assisted loanshark syndicates.

In a press statement by the Singapore Police Force, preliminary investigations revealed that one of the suspects was believed to have assisted loansharks in harassing debtors while another was suspected of providing false address information.

The eight others who were arrested were believed to have opened bank accounts with their ATM and PIN details for loansharks to facilitate their businesses.

First-time offenders found guilty of assisting an unlicensed moneylender may be fined an amount from $30,000 up to $300,000. They may be jailed for up to four years and given six strokes of the cane.


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