SINGAPORE - A 46-year-old man was arrested in the vicinity of Clementi Central for suspected involvement in loansharking activities on July 30 at about 7pm.
Preliminary investigations revealed that the suspect is a debtor-turned-runner who had assisted to procure Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) from other debtors to perform ATM transactions related to unlicensed moneylending businesses.
In addition, the suspect was also being investigated under the offence of without lawful authority in possession of another person's NRIC.
The suspect will be charged in Court on Aug 1.
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.
Under the National Registration Act, any person without lawful authority or reasonable excuse, is in possession of one or more identity cards shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 5 years or to both.