MAN ARRESTED FOR LOANSHARKING ACTIVITIES

The Police have arrested a 60-year-old man for his suspected involvement in loansharking activities.

On 8 July 2020, the Police received a report of loanshark harassment where multiple paid food orders were delivered to the victim’s residential unit. Through investigation, officers from Bedok Police Division established the identity of the man and arrested him on 6 August 2020.

Preliminary Investigation revealed that the man had assisted the unlicensed moneylender in their business by providing his bank account to perform transactions to make food orders.

Police investigations against the man are ongoing. Under the Moneylenders Act (Revised Edition 2010), first time offenders found guilty of assisting in carrying on the business of unlicensed moneylending shall be liable to a fine not less than $30,000 and not more than $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, offenders shall be liable to a fine of not less than $30,000 and not more than $300,000 with mandatory imprisonment of up to seven years, and mandatory caning of up to 12 strokes.

The Police take a zero tolerance approach towards loanshark harassment activities. Those who deliberately vandalise properties, and cause annoyance and disruptions to public safety will be dealt with severely in accordance with the law.

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