Two arrested for involvement in loansharking activites

SINGAPORE - Police have arrested 2 men, aged 22 and 32 years old, for involvement in loansharking activities in two separate cases.

In the first case, Police arrested the 22-year-old man at Hougang Aveune 9 on September 2 at about 1.30 pm.

Preliminary investigations show that he had assisted loansharks in their business by collecting Automated Teller Machines (ATM) cards and carrying out electronic fund transactions via ATM.

Investigations against him are on-going.

In the second case, the 32-year-old was arrested on September 3 at about 6.15am at Tampines Street 91.

Preliminary investigations show that the suspect had given away his ATM card and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.

He will be charged in court and may be fined between $30,000 and $300,000, jailed for a term not exceeding 4 years and shall also be liable for caning with not more than 6 strokes.