On 24 Feb 2011 at about 10.00 pm , officers from Clementi Police Division spotted a man behaving suspiciously in a vehicle at the carpark of Blk 239 Jurong East Street 21.
Upon conducting a check, the officers found loanshark-related paraphernalia such as marker pens, metal chains, gloves, namecards and pamphlets advertising for ‘easy loans’ in his vehicle.
The man was then placed under arrest for suspected involvement in loansharking activities and the items were seized as case exhibits.
Preliminary investigations revealed that the suspect is believed to have assisted the loansharks in their business by conducting bank transfers and distributing namecards and pamphlets advertising 'easy loans'.
The suspect will be charged in Court on 26 Feb 2011 under the Moneylenders Act (Revised Edition 2010).
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 with not more than six strokes.
Those who are acting on behalf of an unlicensed moneylender, commit or attempt to commit any acts of harassment shall be punished with imprisonment for a term not exceeding 5 years, fine not less than $5,000/- and not more than $50,000/- and shall also be liable to be caned not more than 6 strokes.
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