The Police have arrested a 21-year-old man for his suspected involvement in loansharking activities.
On 11 December 2020, the Police received a call for assistance on a suspicious man along Eunos Road 8. The man was found to be in possession of several SIM cards, large amount of cash, and several bank cards that do not belong to him, and was subsequently arrested by officers from Bedok Police Division.
Preliminary investigation revealed that the man is believed to be a loanshark runner who assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers and collecting ATM cards from debtors. Three mobile phones, six SIM cards, thirty bank cards and cash amounting to $11, 200 were seized as case exhibits. Police investigations are ongoing.
Under the Moneylenders Act (Revised Edition 2010), for first time offenders, the offence of assisting in carrying on the business of unlicensed moneylending carries a fine of not less than $30,000, and not more than $300,000, with mandatory imprisonment of up to four years, and mandatory caning of up to six 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
12 December 2020 @ 7:12 PM