The police have arrested five men, aged between 20 and 57, for their suspected involvement in assisting the loansharks in their business.
On 17 July 2020, the police were alerted to a case of dispute between two men along Bedok North Road. Preliminary investigations revealed that the two men, aged 20 and 23, are believed to be loanshark runners who had assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers and collecting debts in person.
Through investigations, officers from Bedok Police Division established the identities of three other loanshark runners, aged between 34 and 57, who have committed similar acts as the duo. All five men were arrested between 17 and 23 July 2020. Five mobile phones, one ATM card and cash were seized. Investigations are ongoing.
Under the Moneylenders Act (Revised Edition 2010), the offence for first time offenders found guilty of assisting in carrying on the business of unlicensed moneylending carries a fine between $30,000 and $300,000, with mandatory imprisonment of up to four years, and mandatory caning of up to six strokes. In the case of a second or subsequent conviction, the offence carries a fine between $30,000 and $300,000, with mandatory imprisonment of up to seven years, and mandatory caning of up to 12 strokes.
Members of the public are advised to stay away from loansharks and not work with or assist the loansharks in any way. The public can call the police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in illegal loansharking activities.
Source: Singapore Police Force