The Police have arrested a 45-year-old man for his suspected involvement in loansharking activities.
On 22 June 2020, the Police received a report from a victim who was harassed by unlicensed moneylenders to transfer a sum of money to a bank account. On 24 June 2020, an ambush was conducted along Marine Parade Road and the man was arrested.
Preliminary investigations revealed that the man is believed to be a loanshark runner who had assisted the loansharks in their businesses by collecting money from debtors.
The man will be charged in court on 26 June 2020 under the Moneylenders Act (Revised Edition 2010). Under the Moneylenders Act (Revised Edition 2010), the offence for first time offenders found guilty of assisting in carrying on the business of unlicensed moneylending carries a fine between $30,000 and $300,000, with mandatory imprisonment of up to four years, and mandatory caning of up to six strokes. In the case of a second or subsequent conviction, the offence carries a fine between $30,000 and $300,000, with mandatory imprisonment of up to seven years, and mandatory caning of up to 12 strokes.
Members of the public are advised to stay away from loansharks and not work with or assist the loansharks 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 illegal loansharking activities.
SINGAPORE POLICE FORCE
25 June 2020 @ 10:30 PM