Woman, 34, arrested for alleged loansharking

A 34-year-old woman was arrested by the police for suspected involvement in loansharking activities.

She was arrested in the Hougang Ave 9 area on April 13 at about 9.30pm after follow-up investigations.

Preliminary investigations indicate that the suspect opened a bank account and gave her ATM card and Personal Identification Number (PIN) to a loansharking syndicate to facilitate the business of unlicensed moneylending.

Investigation against the suspect is ongoing.

Under the Moneylenders Act (Revised Edition 2010), a person is presumed to have assisted an unlicensed moneylender if a bank account or ATM card is used to facilitate a moneylending business run by an unlicensed moneylender.

Those found guilty of assisting loansharks can be fined between $30,000 and $300,000, jailed up to four years.

They can also be caned up to six strokes.

Commander of Ang Mo Kio Police Division Deputy Assistant Commissioner of Police Keok Tong San commended his officers for their policing work.

paullim@sph.com.sg