14 arrested for facilitating loanshark activities

SINGAPORE - Police have arrested eight men and six women between the ages of 25 and 60 for their suspected involvement in loanshark activities.

The suspects are said to have opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to facilitate loanshark syndicates with their businesses.

Following preliminary investigations, the 14 people were arrested on June 25 and 26, and are being investigated for assisting the business activities of unlicensed moneylenders.

Under the Moneylenders Act 2010, first-time offenders may be fined between $30,000 and $300,000, face a maximum of four years in jail and given up to six strokes of the cane.

Acting Commander of Clementi Police Division, Deputy Assistant Commissioner of Police Rosalind Khoo, said that the police will continue to take action against those who facilitate the illegal businesses of loansharks.

ljessica@sph.com.sg

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