The Police have arrested two men, aged 47 and 38, for their suspected involvement in two separate cases of unlicensed moneylending activities.
In the first case, acting on information received, officers from the Ang Mo Kio Division conducted investigations on 1 February 2016 against a 47-year-old man who is believed to have extended loans, for which the debtors would then need to repay with interest. The man is also believed to have retained the debtors’ passports or work permits until their loans are fully repaid. Cash amounting to $17,000, passports, work permits, one laptop and handphones were seized as case exhibits.
In the second case, on 11 February 2016, Police received a call that a unit at Rivervale Crescent was splashed with paint. Loanshark-related graffiti was also scrawled on the wall. Officers from Ang Mo Kio Division responded to the call and conducted checks on a 38-year-old man who was behaving suspiciously in the vicinity. Loanshark paraphernalia such as gloves, a mask and markers were found on the suspect and seized. Preliminary investigations revealed that he is also believed to be involved in similar cases in Bedok.
The two men will be charged in court with offences under the Moneylenders Act 2010 (Revised Edition) on 12 February 2016. First time offenders found guilty of carrying on the business of moneylending in Singapore without a licence, may be punished with fine not less than $30,000 and not more than $300,000 and with imprisonment for a term not exceeding four years. First time offenders found guilty of loanshark harassment shall be fined 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.
Case exhibit from first case
Case exhibit from second case
SINGAPORE POLICE FORCE
11 February 2016 @ 5:15 PM