16 suspects arrested for loansharking activities

SINGAPORE : In a continued effort to smash loanshark syndicates, officers from Clementi Police Division arrested 14 men and two women, aged 22 to 51 years, during an eight-hour operation in 11 housing estates.

Simultaneous raids, which began on Tuesday, were conducted in Clementi, Commonwealth, Jurong West, Choa Chu Kang, Woodlands, Yishun, Ang Mo Kio, Hougang, Toa Payoh, Bedok and Tampines.

Investigations revealed that 15 of the suspects had opened bank accounts and given their Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) to loansharking syndicates to facilitate unlicensed money lending.

The remaining suspect is believed to have acted as a runner for an unlicensed moneylender by harassing debtors. Two cans of paint were found on him and seized during the operation.

Under the Moneylenders Act 2010 (Revised Edition), where a bank account or ATM card is used to help a loanshark business, that person is presumed to have assisted in the business.

First-time offenders can 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 convicted of harassment can be jailed up to five years, fined between S$5,000 and S$50,000 and given between three and six strokes of the cane.

ORIGINAL SOURCE

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