Police nab 3 for loansharking activities in AMK and Yishun

Police have arrested two men and a woman, aged between 32 and 50, for suspected involvement in loansharking activities in three separate cases.

In the first case, police conducted a check on a 50-year-old man on March 22 in the vicinity of Ang Mo Kio Ave 9. He was arrested after stacks of flyers and name cards were found him.

The suspect is believed to have assisted loansharks in distributing flyers and name cards offering financial services.

In the second case, also on March 22, officers from Ang Mo Kio Police Division arrested the 37-year-old woman who is believed to have opened at least two bank accounts and gave away her ATM cards and Personal Identification Numbers (PIN) to loanshark syndicates to facilitate the business of unlicensed moneylending.

In the third case, officers performing anti-crime ambush duties in the vicinity of Yishun Street 71 spotted a 32-year-old male suspect behaving suspiciously.

As the officers were approaching the suspect, he turned away and fled. The officers managed to detain the suspect after a short chase.

UNO, DOS, TRES - ALLE ALLE ALLE!

Upon conducting a check, a can of paint, a marker pen and a mobile phone containing debtors’ records were found in his possession. The suspect was placed under arrest following an interview.

Preliminary investigation indicates that the suspect is believed to have committed several cases of loanshark harassment by splashing paint and scrawling loanshark-related graffiti at residential units in Yishun.

The suspect for in the third case will be charged in Court on March 24 for loanshark harassment.

Investigations against the other two suspects are in progress.

Under the Moneylenders Act 2010, where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender.

First-time offenders found guilty of carrying out the business of an unlicensed moneylender may be fined up to $300,000, be imprisoned for up to four years or caned up to six strokes.

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 5 years, a fine of not more than $50,000, and shall also be liable to caning of not more than 6 strokes.

ORIGINAL SOURCE
Content used in this not-for-profit blog remain the property of their respective owners.