10 arrested for loansharking activities

SINGAPORE - Police have arrested seven men and three women for their suspected involvement in three separate cases of loansharking activities.

In the first case, police arrested five men and three women aged between 23 and 61 on Oct 9 and Oct 10. They are believed to be debtors-turned-assistors who opened bank accounts to facilitate unlicensed moneylending businesses.

In the second case, a 54-year-old man was arrested for providing false contact details to a loanshark syndicate. As he did not update his address on his identity card, which was used to procure illegal loans, the current occupants of his former residents became targets of loanshark harassment.

Also on Oct 10, a 51-year-old man was arrested on suspicion of being a debtor. He is believed to have assisted loanshark syndicates in performing banking transactions. Police seized a handphone and two ATM cards from him.

Investigations against the 10 suspects are ongoing.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less between $30,000 and $300,000, jailed for up to four years and shall also be liable for up to six strokes of the cane.

Those found guilty of failing to report a change of address face a maximum fine of $5,000, a jail term of up to five years or both.