SINGAPORE - Two men have been arrested for their suspected involvement in assisting an unlicensed moneylending syndicate.
According to a press statement by the police, officers from Jurong Police Division arrested the men in the vicinity of Bukit Batok Central on June 17.
The men, both 48, were believed to have assisted an unlicensed moneylending syndicate to procure Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) from other debtors to perform ATM transactions related to unlicensed moneylending businesses.
Upon their arrest, four ATM cards and three handphones were seized as case exhibits.
Both suspects will be charged in Court on June 19. Under the Moneylenders Act 2010 (Revised Edition), first-time offender found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.