In an island-wide operation that commenced on 29 September 2011, Police arrested six persons, aged between 21 and 45 years, for suspected involvement in loansharking activities. The suspects are believed to be members of a loanshark syndicate. Among those arrested was a 45-year-old man believed to be the loanshark running the syndicate.
Following intensive intelligence probes and investigations, officers from the Criminal Investigation Department and the Police Intelligence Department conducted simultaneous raids at various areas, including Serangoon, Bedok, Yishun, Changi, Ang Mo Kio, Marine Parade, and Jurong.
During the 7-hour operation, Police seized more than $4,400/- in cash, 17 mobile phones, Automated Teller Machine cards, a laptop and a stack of hell notes. The syndicate is believed to be responsible for mailing hell notes to debtors who defaulted on repayments as a form of harassment.
Three of the suspects will be charged in Court on 30 September 2011 under the Moneylenders Act. Investigations against the remaining suspects are ongoing.
Under the Moneylenders Act, persons found guilty of operating or assisting in the operating of a loansharking business may be fined not less than $30,000 and up to $300,000 with mandatory imprisonment of up to four years and shall be liable for caning of up to six strokes.
Persons found guilty of committing loanshark harassment shall be punished with imprisonment for a term not exceeding five years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to be punished with caning with not more than six strokes.
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