Three men arrested for involvement in loanshark activities

Three men arrested for involvement in loanshark activities

SINGAPORE - Three men aged between 36 to 53 years old have been separately arrested for suspected involvement in loansharking activities.

The 53-year-old suspect allegedly committed several cases of loanshark harassment in housing estates in Ang Mo Kio by splashing paint on the unit door of a debtor and leaving behind debtor notes demanding for repayments, said police.

He was arrested on Wednesday and will be charged in court Friday for loanshark harassment. Under the Moneylenders Act, first-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment will be sentenced up to five years in jail, fined up to $50,000 and caned up to six strokes.

Police said the 36-year-old and 47-year-old suspects are believed to have given away their bank ATM cards and PIN numbers to a loansharking syndicate to facilitate the business of unlicensed moneylending. They were separately arrested in Ang Mo Kio Avenue 3 and Hougang Avenue 9 respectively. Investigations against these two suspects are on-going.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined up to $300,000, be jailed up to four years and may receive up to six strokes of the cane.

Assistant Commissioner of Police Keok Tong San, Commander of Ang Mo Kio Police Division said: "Police is determined to come down hard on all those who are involved in loansharking activities, regardless of their age or gender."

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