The Police have arrested a 59-year-old man and a 67-year-old woman for their suspected involvement in assisting unlicensed moneylending business.
On 22 March 2020, the Police were alerted to a case of assisting in a business of unlicensed moneylending at a coffeeshop along Jurong West Street 75.
Through investigations, officers from Bedok Police Division established the identities of the woman and the man, and arrested them on 23 March 2020 and 25 March 2020 respectively. Preliminary investigations revealed that the man and woman are believed to have assisted loansharks in their businesses by carrying out Automated Teller Machine transfers and collecting debts on their behalf.
Police investigations against the man and woman are ongoing. Under the Moneylenders Act (Revised Edition 2010), first time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending shall be liable to a fine 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. In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than $30,000 and not more than $300,000 with mandatory imprisonment of up to seven years, and mandatory caning of up to 12 strokes.
Members of the public are advised to stay away from loansharks and not 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
27 March 2020 @ 10:45 AM