The Police have arrested two men, aged 35 and 51, for their suspected involvement in two separate cases involving loansharking activities.
In the first case, the Police were alerted to a case of loanshark harassment on 2 August 2020, where the gate of a residential unit along Tampines Street 22 was locked with a bicycle chain and a padlock.
In the second case, the Police were alerted to a case of loanshark activity along Genting Road whereby the victim had handed over cash to an unknown person on behalf of an unlicensed moneylender.
Through investigations and with the aid of images from police cameras, officers from Bedok Police Division established the identity of both men and arrested them on 4 and 6 August 2020 respectively. Preliminary investigations revealed that the 35-year-old man is believed to be involved in other similar cases of loanshark harassment island wide, while the 51-year-old man is believed to be a loanshark runner and had assisted unlicensed moneylenders in their business by collecting debts in person.
The 35-year-old man will be charged in court on 6 August 2020 under the Moneylenders Act (2010 Revised Edition). Police investigations against the 51-year-old man is still ongoing for his suspected involvement in the second case.
For first time offenders, the offence of loanshark harassment carries a fine of not less than $5,000 and not more than $50,000, with mandatory imprisonment of up to 5 years and mandatory caning of up to 6 strokes. For assisting in carrying on the business of unlicensed moneylending carries a fine between $30,000 and $300,000, with mandatory imprisonment up to four years, and mandatory caning of up to six strokes.
The Police have zero tolerance against loanshark harassment. Those who deliberately vandalise properties or cause annoyance and disruption to public safety, peace and security will be arrested and dealt with severely in accordance with the law.
Members of the public are advised to stay away from loansharks and not to work with or assist them in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in loansharking activities.
SINGAPORE POLICE FORCE
05 August 2020 @ 8:00 AM