SINGAPORE - Police have arrested a 49-year-old man on Tuesday for his involvement in loansharking activities.
The police have reason to believe that the suspect had apparently given his ATM card and PIN details to a loansharking syndicate to facilitate the business of unlicensed moneylending. This is illegal under the Moneylenders Act (Revised Edition 2010).
The suspect was apprehended in the vicinity of Chai Chee Road.
Investigations against the suspect are on-going.
If found guilty, he may be fined a maximum of $300,000, be imprisoned for up to 4 years or be punished with up to 6 strokes of the cane.