Sunday, April 22, 2012

Five arrested for suspected involvement in loansharking activities

SINGAPORE: Police have arrested three men and two women aged between 17 and 38 years old for suspected involvement in loansharking activities in three separate cases.

In the first case, police arrested a 38-year-old woman in the vicinity of Sembawang Crescent.

The suspect is believed to be a debtor-turned-runner who had assisted loansharks by carrying out electronic fund transactions via an Automated Teller Machine (ATM) and allowing her bank accounts and ATM cards to be used by the loansharks. Several ATM cards were seized during the arrest.

In the second case, police arrested a 27-year-old man in the vicinity of Ang Mo Kio Avenue 3.

Preliminary investigations show that the suspect is a debtor-turned-runner. He is believed to have opened at least four bank accounts and given away his ATM cards with Personal Identification Number (PIN) to the loanshark syndicates to facilitate their business.

In the third case, three suspicious characters were spotted in the vicinity of Yishun Ring Road. Police managed to detain two males aged 20 and 23 years old and a 17-year old female. Police found loanshark-related paraphernalia comprising a bicycle chain and a marker on the two male subjects.

The three persons were arrested for suspected involvement in loanshark harassment. The two male suspects were charged in court on Saturday. Investigations against the rest of the suspects are still ongoing.

First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined between S$30,000 and S$300,000, be jailed up to four years and given up to six strokes of the cane.

First-time offenders found guilty of loanshark harassment will be fined between S$5,000 and S$50,000, be given a mandatory jail term of up to five years and mandatory caning of up to six strokes.

Police said they are determined to come down hard on all those who are involved in loansharking activities, regardless of their age or gender.


View the original article here

Source From Channel News Asia

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