SINGAPORE - A two-day police operation against loansharking activities has led to the arrest of 15 men, aged between 22 and 71.
Officers from Jurong Police Division conducted simultaneous raids at Kim Tian Road, Yishun and Jurong West on July 24 and 25, resulting in the 15 arrests for suspected involvement in loansharking activities.
The 15 men are believed to have opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.
All the suspects are believed to be either debtors or guarantors and had assisted the loansharks either to offset their debts or for monetary gains.
Investigations against the suspects are still ongoing. Under the Moneylenders Act 2010 (Revised Edition), 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.