The Police have arrested ten men and five women aged between 17 and 55 for suspected involvement in loansharking activities.
In a two-day operation conducted from 17 to 18 May 2016, officers from Central Division conducted simultaneous raids in Woodlands, Choa Chu Kang, Jurong West, Bedok and Sengkang to arrest the fifteen 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 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.
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
19 May 2016 @ 11:30 AM
SINGAPORE POLICE FORCE
19 May 2016 @ 11:30 AM