2 men arrested for loansharking activities

Two men, aged 23 and 26, were arrested yesterday for suspected involvement in loansharking activities in two separate cases.

In the first case, the 26-year-old suspect is believed to have opened bank accounts and given away their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharks to facilitate their businesses.

He was arrested in the vicinity of Jurong West at about 2.45pm.

In the second case, the 23-year-old suspect who was arrested in the vicinity of Upper Jurong Road allegedly splashed paint outside debtors' residences and scrawled loanshark-related graffiti on the walls. He is said to have done these acts in Jurong West, Choa Chu Kang and Pasir Ris public housing estates.

Investigations against the suspect in the first case are still ongoing whilst the suspect in the second case will be charged in Court on Aug 1.

Under the Moneylenders Act 2010 (Revised Edition), 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.

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 five years and mandatory caning of up to six strokes.


ellenja@sph.com.sg

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