Man arrested in Yishun for suspected loansharking activities

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http://www.asiaone.com/News/AsiaOne+News/Crime/Story/A1Story20120926-373905.html

A 35-year-old man was arrested around Yishun Ring Road for suspected involvement in loansharking activities on Sep 24.

Investigations showed he harassed debtors' by delivering notes to demand for repayment. He also gave away his ATM and PIN to a loanshark syndicate to facilitate its unlicensed moneylending.

Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with imprisonment for a term not exceeding five years, fined between $5,000 and $50,000. They may also be given between three and six strokes of the cane.

Also, a person whose bank account or ATM card is used to facilitate unlicensed moneylending is presumed be assisting loansharks. First-time offenders may be fined between $30,000 and $300,000, jailed for up to four years and may be given with not more than six strokes of the cane.