The Police have arrested a 30-year-old man for his suspected involvement in a case of assisting with unlicensed moneylending businesses.
On 26 March 2024, during a check at Woodlands Checkpoint, officers from Woodlands Police Division arrested the man who was found in possession of 186 SIM cards, believed to have been used to assist loansharks for unlicensed moneylending activities. The SIM cards were seized as case exhibits.
The man will be charged in court on 27 March 2024 under the Moneylenders Act 2008. For first-time offenders, the offence of assisting with unlicensed money lending businesses under Section 19(1)(b) of the Moneylenders Act 2008 carries a fine of not less than $30,000 and not more than $300,000 and with an imprisonment term of up to four years.
The Police have zero tolerance against loanshark activities. 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
26 March 2024 @ 11:29 PM