SINGAPORE - Police have arrested a 36-year-old man for his suspected involvement in loansharking activities.
On Oct 7, officers from Clementi Neighbourhood Police Centre had spotted the suspect when patrolling the Commonwealth Avenue West area.
The 36-year-old man was arrested after an interview, for his suspected involvement in loansharking activities.
Preliminary investigations then revealed he was a debtor-turned-runner.
He had previously assisted loanshark syndicates to procure Automated Teller Machine (ATM) cards with Personal Identification Numbers (PINs) from other debtors and used them to perform ATM transactions related to unlicensed moneylending businesses.
Upon his arrest, two ATM cards, a mobile phone and a stack of bank transaction receipts were seized as case exhibits.
Investigations against the suspect are ongoing.
Under the Moneylenders Act 2010 (Revised Edition), first time offenders found guilty of assisting the business of an unlicensed moneylender may be fined between $30,000 and $300,000, face a jail term of up to four years and may also receive six strokes of the cane.