Police have arrested four men, aged between 29 and 52, for their suspected involvement in two separate unlicensed moneylending cases.
2 In the first case on 23 June 2015 at about 12.50pm, through follow up investigation, officers from Jurong Police Division arrested a 43-year-old man in the vicinity of Sirat Road for allegedly using a bicycle chain to lock-up the main gate of the debtor’s residence and pasting a debtor’s note on the main door.
3 In the second case between 23 and 24 June 2015, officers from Jurong Police Division arrested three men, aged between 29 and 52, in the vicinity of Bukit Batok Central for their suspected involvement in assisting unlicensed moneylending syndicates to procure Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to perform ATM transactions related to unlicensed moneylending activities. Investigations also revealed that one of the three suspects had given away his bank accounts with ATM cards to facilitate unlicensed moneylending businesses. Upon their arrests, the Police seized cash amounting to S$650/-, 14 ATM cards and three handphones in connection to the cases.
5 The four suspects will be charged in Court on 25 June 2015. Under the Moneylenders Act 2010 (Revised Edition):
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First time offenders found guilty of loanshark harassment shall be punished with imprisonment for a term of up to five years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to be punished with caning of not less than three and not more than six strokes.
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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 than $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.
SINGAPORE POLICE FORCE
24 June 2015 @ 12:55 PM