Man arrested in Clementi for loansharking activities

A 43-year-old man was arrested by the police on Wednesday for suspected involvement in loansharking activities.

At about 12.30pm on April 25, officers from Clementi Police Division arrested the suspect in the vicinity of Clementi Avenue 3.

Preliminary investigations revealed that the suspect is a debtor-turned-runner who assisted the loanshark syndicates by handing over monies to debtors to facilitate the opening of bank accounts and procuring Automated Teller Machine (ATM) cards from debtors.

Cash amounting to $500 and one ATM card were found in his possession and seized as case exhibits.

Investigations are currently ongoing.

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 with not more than six strokes.

Become a fan on Facebook