A LOANSHARKING syndicate which financed illegal gaming activities has been smashed by police.

Preliminary investigations by police revealed that the syndicate would provide weekly loans at an interest rate of 20 per cent, and is believed to have loans of about $50,000 circulating every month.

Eight men and a woman, aged between 25 to 42, were arrested in a series of police raids carried out at various premises in Ang Mo Kio, Bedok, MacPherson and Serangoon from late Thursday night to early Friday morning.

More than $83,000 in cash was seized. Other items seized included computers and laptops, mobile phones, thumbdrives, an assortment of ATM cards, bank books and debtor records.

Gaming machines were also seized from a shophouse in MacPherson area.

Assistant Director Specialised Crime Division Criminal Investigation Department, Superintendent Goh Lam Kiong praised the officers for their efforts in cracking down the syndicate.

He said: 'Police will spare no effort in cracking down on illegal loansharking. This operation shows that a criminal group may engage in more than one type of crime. Police enforcement will continue and we will spare no effort in taking such offenders to task.'

Five of the offenders will be charged in Court on Saturday under the Moneylenders' Act. The other four will be released on bail pending further investigations into suspected illegal gaming activities.

First-time offenders found guilty of operating a business as an unlicensed moneylender can be fined up to $200,000 or jailed up to two years, or both.

Repeat offenders face a fine of up to $200,000 and jail term of up to five years.

Offenders found guilty of managing a common gaming House face a fine of not less than $5,000 and up to a maximum of S$50,000, and jail term of up to three years.