2 men arrested for loansharking activities

SINGAPORE - Two men have been arrested in connection to 2 separate cases of loansharking activities.

In the first case, a 33-year-old man was arrested along Jurong East Central 1.

Police investigations revealed that he was debtor-turned-runner, and had assisted loanshark syndicates to collect Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) and used them to facilitate the business of unlicensed moneylending.

Officers seized 4 ATM cards and 1 handphone which were found in his possession when arrested.

In the second case, a 37-year-old man was arrested along Ubi Road.

The police said that he too was a debtor-turned-runner, and had helped the loanshark syndicates to collect name cards and stickers, which promote unlicensed moneylending businesses.

The police had also seized boxes of name cards and stickers which were found in his possession.

First time offenders found guilty of assisting illegal money lenders can be fined between $30,000 and $300,000. They can also be jailed up to 4 years and are liable to receive up to 6 strokes of the cane.

abrahamr@sph.com.sg