One woman arrested for assisting loansharks

SINGAPORE - Police have arrested one 42-year-old woman for her involvement in illegal money lending activities.

On March 9 at about 5.30pm, police arrested one 42-year-old woman in the vicinity of Turf Club Avenue for her involvement in loansharking activities. Preliminary investigations indicated that the suspect is a debtor-turned-runner.

She had assisted loanshark syndicates by performing Automated Teller Machine (ATM) transactions, promoting unlicensed money lending business by distributing name cards and facilitating debtors to make repayments, said the police in a statement. One box of name cards, cash amounting to $710, one mobile phone, one ATM card, ATM transaction receipts and one note book were seized in connection to the case.

The suspect will be charged in court. 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 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 of not more than six strokes.