Three men arrested for loansharking activities

Three men have been arrested for suspected involvement in loansharking activities.

In the first case, two men, aged 22 and 43, were arrested in the vicinity of Boon Lay MRT station at about 3.40pm on April 18.

Preliminary investigations revealed that the suspects are debtors, who assisted the loanshark syndicates by performing electronic fund transactions via Automated Teller Machine (ATM) and getting other debtors' ATM cards and PINs to facilitate loansharking businesses.

Upon their arrest, loanshark-related paraphernalia such as three ATM cards, three mobile phones believed to contain debtors' records and suspected illegal cash proceeds amounting to S$1,000/- were seized as case exhibits.

In the second case, a 21-year-old male suspect was arrested in the vicinity of Tampines Street 21 on April 19 at about 2.40am.

He is believed to have splashed paint on the walls at debtors' units and writing loanshark-related graffiti on the walls in the Tampines housing estate. Loanshark-related paraphernalia such as markers, one toy water gun containing paint and mobile phones believed to contain debtors' records were seized from the suspect as case exhibits.

All three will be charged in court tomorrow, April 20.

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 with mandatory imprisonment of up to 5 years and mandatory caning of up to 6 strokes.

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 and shall also be liable to be punished with caning of not more than six strokes.

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