25 arrested for using false addresses to obtain loans from loansharks

SINGAPORE - POLICE have arrested 25 persons for providing false contact information to obtain loans from loansharks.

The suspects, involving 18 men and 7 women aged between 24 and 60, are believed to be debtors and guarantors who had taken illegal loans using their previous residential addresses even though they were no longer staying there.

This resulted in new occupants being harassed by loansharks.

In addition to offences under the Moneylenders Act, the suspects are also being investigated for failing to report the change in their residential addresses under the National Registration Act.

Persons who seek loans from loansharks using their old addresses are liable to be prosecuted for Failing to report a change of residence under Section 13(1)(b) of the National Registration Act, which carries a fine not exceeding $5000 or to imprisonment term not exceeding five years or to both.

In addition, they are also liable for the offence of providing false contact information under Section 28(C)(1)(a) of the Moneylenders Act if in connection with a loan, the borrower gives any contact information which he knows or believed to be false to the Unlicensed Moneylender. Any person who is guilty of this offence shall be liable on conviction to imprisonment for a term not exceeding 12 months.

Investigations are still ongoing.

ORIGINAL SOURCE