The Police have arrested a 22-year-old man for his suspected involvement in unlicensed moneylending activities.
Following information received, officers from Bedok Police Division conducted an operation arrested the 22-year-old man along Tampines Street 45 on 30 May 2018 at about 10.00pm. A mobile phone was seized. Preliminary investigations revealed that the man is believed to have assisted an unlicensed moneylending syndicate to procure Automated Teller Machine (ATM) card and Personal Identification Number (PIN) from a debtor to facilitate unlicensed moneylending ATM transactions.
The man will be charged in court on 1 June 2018 under the Moneylenders Act 2010 (Revised Edition). First time offenders found guilty of carrying on the business of moneylending in Singapore without a license, 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.
SINGAPORE POLICE FORCE
01 June 2018 @ 12:25 AM