Four men arrested for loansharking activities

Four men, aged between 29 and 48, were arrested by the police on Thursday in a 20-hour islandwide operation.

During the 20-hour combined operation, officers from Bukit Merah East, Marina Bay and Rochor Neighbourhood Police Centres (NPC) conducted raids at Semei Street 5, Queens Street, Jurong West and Veerasamy Road, resulting in the arrests.

Preliminary investigations revealed that the suspects had opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate their unlicensed moneylending businesses.

Investigations against the suspects are ongoing.

Under the Moneylenders' Act 2010 (Revised Edition), when a bank account or ATM card of any person is used to facilitate moneylending by an unlicensed moneylender, that person is also presumed to have assisted in the carrying on the business of unlicensed moneylending.

First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.

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