Wednesday, March 21, 2012

Suspected loanshark runner arrested

SINGAPORE: Police have arrested a 43-year-old man for suspected involvement in loansharking activities.

The incident happened Tuesday at about 10.00pm.

Officers from Central Police Division were on their rounds in the vicinity of Petain Road when they spotted the suspect making multiple ATM transactions and behaving suspiciously.

The officers found loanshark-related paraphernalia including two mobile phones containing suspected debtors' records, two bank cards and eight ATM transaction receipts in the suspect's possession.

The items were seized as case exhibits.



Preliminary investigations revealed that the suspect is a debtor of several illegal moneylenders and believed to have assisted these loansharks in their businesses by carrying out bank transfers.

The suspect will be charged in Court on Thursday for an offence of assisting in loansharking activities.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined a minimum of S$30,000, be jailed a maximum of four years and can also be given a maximum of six strokes of the cane.

- CNA/cc

View the original article here

Source From Channel News Asia

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