The Police have arrested seven men and three women aged between 30 and 66 for their suspected involvement in loansharking activities.
In a 3-day operation from 6 April to 8 April 2016, officers from Central Division conducted simultaneous raids in Woodlands, Simei, Yishun, Jurong East and Toa Payoh and arrested the ten suspects.
Preliminary investigations revealed that the suspects are believed to have opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loanshark syndicates to facilitate their unlicensed moneylending businesses. Police investigations are currently on-going.
Under the Moneylenders’ Act 2010 (Revised Edition), first-time offenders found guilty of 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 not more than six strokes.
SINGAPORE POLICE FORCE
08 April 2016 @ 6:30 AM