Police have arrested 18 individuals for suspected involvement in loansharking activities.
2 Between 17 and 19 March 2015, through follow-up investigation efforts, officers from Jurong Police Division mounted a 3-day islandwide operation covering Bukit Batok, Bukit Panjang, Ang Mo Kio, Woodlands, Kallang, Jurong West and Bendemeer housing estates, resulting in the arrest of 11 men and 7 women, aged between 24 and 49, for suspected involvement with loanshark syndicates.
3 Preliminary investigations revealed that the 18 suspects are believed to be debtors-turned-assistors, who have opened bank accounts and given their Automated Teller Machine (ATM) cards as well as the Personal Identification Numbers (PINs) to loanshark syndicates for their unlicensed moneylending businesses.
4 Investigations against the 18 suspects 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, 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.
SINGAPORE POLICE FORCE
20 March 2015 @ 4:00 PM