The Police have arrested three men and three women, aged between 27 and 59, for their suspected involvement in loansharking activities.
In a 2-day operation conducted from 28 July to 29 July 2016, officers from Central Division carried out simultaneous raids in Bedok, Hougang, Bukit Panjang, Jurong West and Sengkang to effect the arrests.
Preliminary investigations revealed that the suspects were believed to have opened bank accounts and gave away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate the business of unlicensed moneylending. Police investigations are ongoing.
Under the Moneylenders’ Act 2010 (Revised Edition), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender. 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
31 July 2016 @ 4:40 PM