In an operation conducted by the Criminal Investigation Department (CID) and the Police Intelligence Department, Police successfully smashed an unlicensed moneylending syndicate in the wee hours this morning (Sunday, July 24). A total of 8 persons (7 men and 1 woman) aged between 26 and 37 were arrested for their suspected involvement in loansharking activities.
The arrests were made in various parts of Singapore, including Punggol, Bedok, Boon Lay, Sembawang, Clementi, Hougang and Woodlands. During the operation, police seized loanshark-related paraphernalia that included laptops, mobile phones, ATM cards, transaction receipts, flyers and name cards used by the syndicate. Some 50 banners used by the syndicate to advertise their loansharking business were also recovered.
Five of the suspects will be charged in Court on 25 July 2010 under the Moneylenders Act. Investigations against the remaining suspects are ongoing.
Under the Moneylenders Act, those found guilty of operating or assisting in the operation of a loansharking business are punishable with fines of not less than $30,000 and up to $300,000, mandatory imprisonment of up to 4 years and mandatory caning of up to 6 strokes.ORIGINAL SOURCE
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