NEWS
Seven arrested for suspected loansharking
SINGAPORE - The police have arrested seven men for suspected involvement in loansharking activities in five separate cases.
The seven were arrested in a spate of operations ranging from Jurong East to Toa Payoh over a span of two days from April 17. The oldest suspect is aged 53 while the youngest is aged 17.
Investigations against two suspects are still ongoing. The other five will be charged in court on April 19.
Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of loanshark harassment shall be fined not less than $5,000 and not more than $50,000. They will also face mandatory imprisonment of up to five years and up to six strokes of the cane.
First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender, may be fined not less than $30,000 and not more than $300,000, be imprisoned for a term not exceeding four years. They shall also be liable to be punished with caning of not more than six strokes.
