The Police have arrested a 32-year-old man for his suspected involvement in loansharking activities.
Acting on information received regarding suspected loansharking activities, officers from Jurong Division arrested the man along Woodlands Avenue 7 on 6 April 2017 at about 5.15pm. Preliminary investigations revealed that the man is a debtor-turned-runner who assisted an unlicensed moneylending syndicate to procure Automated Teller Machine (ATM) cards and Personal Identification Numbers from other debtors to facilitate unlicensed moneylending transactions.
The man is also believed to have used his personal banking facilities to facilitate unlicensed moneylending ATM transactions and fund transfers. A mobile phone, 10 ATM cards, 5 ibanking tokens, 4 transaction receipts and cash amounting to $570/- were seized as case exhibits.
The man will be charged in Court on 8 April 2017. Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000, be imprisoned for a term not exceeding four years and shall also be liable to caning of not more than six strokes.
SINGAPORE POLICE FORCE
07 April 2017 @ 5:30 PM