The Police have arrested a 23-year-old man for his suspected involvement in loansharking activities.
Following information received about loansharking activities, officers from Jurong Police Division conducted an operation on 26 April 2018 at about 4.00pm, and arrested the man along Yishun Street 22. Four Automated Teller Machine (ATM) cards, two banking tokens, a mobile phone and cash were seized as case exhibits.
Preliminary investigations revealed that the man is believed to have assisted an unlicensed moneylending syndicate to procure ATM cards and Personal Identification Numbers (PINs) from debtors to facilitate unlicensed moneylending businesses and unlicensed moneylending ATM transactions.
Investigations against the suspect are ongoing.
Under the Moneylenders Act (Revised Edition 2010), first-time offender found guilty of carrying on the business as an unlicensed moneylender or 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 of not more than six strokes.
SINGAPORE POLICE FORCE
27 April 2018 @ 1:00 PM