NEWS
Police crackdown on loansharks nabs 6
SINGAPORE - Six male Singaporeans aged between 32 and 50 years were arrested in two separate police operations as part of the efforts to crack down on loansharks.
Simultaneous raids at Queen Street and Ang Mo Kio led to the arrest of two suspects for their involvement in a series of loanshark harassment by vandalising vehicles using paint remover.
A second operation saw the police crippling a separate loansharking syndicate.
Simultaneous raids were conducted at Changi Road, Amoy Street, Maxwell Road and Yishun resulting in the arrests of four syndicate members.
During the operation, cash, mobile phones, ATM cards and books with entries were seized for investigation.
Five will be charged in court under the Moneylenders Act. Investigations are ongoing against the remaining subject.
Under the Act, those found guilty of operating or assisting in the operating of a loansharking business may be fined not less than $30,000 and up to $300,000 with mandatory imprisonment of up to four years.
They will also be liable for caning of up to six strokes.
Those found guilty of committing loanshark harassment shall be punished with imprisonment for a term not exceeding five years, a fine of not less than $5,000 and not more than $50,000.
They shall also be liable for caning of up to six strokes.
