SINGAPORE - A 24-year-old man and a 55-year-old woman have been arrested by the police for their suspected involvement in loanshark activities.
Officers from Jurong Police Division first arrested a 55-year-old woman in the vicinity of Woodlands Square on Dec 29 at about 12.30pm after receiving information. Three Automated Teller Machine (ATM) cards and one hand phone were seized from her.
The woman is believed to be a debtor-turned-runner, assisting loan shark syndicates in their illegal money lending business by acquiring ATM cards and Personal Identification Numbers (PINs) from other debtors.
Later on the same day at about 12.46pm, a 24-year-old man was also arrested in the vicinity of Woodlands Square.
He is suspected of assisting the loan shark syndicate by allowing them to control a bank account under his name.
The 55-year-old woman will be charged in State Courts on Dec 31 while investigations against the 24-year-old suspect are still ongoing.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000. They may also be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning, not more than six strokes.