The Police have arrested five men and four women aged between 22 and 58 for their suspected involvement in loansharking activities.
In a two-day operation conducted from 23 May to 24 May 2017, officers from Central Police Division carried out simultaneous raids in Hougang, Queenstown, Jurong West and Sengkang and arrested nine suspects. Preliminary investigations revealed that the suspects were believed to have opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate the business of unlicensed moneylending. Police investigations are ongoing.
Under the Moneylenders’ Act 2010 (Revised Edition), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender. First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes
In a two-day operation conducted from 23 May to 24 May 2017, officers from Central Police Division carried out simultaneous raids in Hougang, Queenstown, Jurong West and Sengkang and arrested nine suspects. Preliminary investigations revealed that the suspects were believed to have opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate the business of unlicensed moneylending. Police investigations are ongoing.
Under the Moneylenders’ Act 2010 (Revised Edition), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender. First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes
PUBLIC AFFAIRS DEPARTMENT
SINGAPORE POLICE FORCE
25 May 2017 @ 10:00 PM
SINGAPORE POLICE FORCE
25 May 2017 @ 10:00 PM