The Police have arrested an 18-year-old man for his suspected involvement in assisting with loansharking activities.
On 1 September 2020 at about 4.15pm, the Police noticed the man behaving suspiciously at Serangoon bus interchange. When he was approached by a police officer, he fled but was detained in the vicinity of NEX shopping mall after a short chase.
Preliminary investigations revealed that the man was believed to have asked acquaintances to open bank accounts and had allegedly used the accounts to assist loansharks in their loansharking activities.
The man will be charged in court on 3 September 2020. Under the Moneylenders Act (Revised Edition 2010), first time offenders found guilty of assisting loansharks shall be fined not less than $30,000 and not more than $300,000, and face an imprisonment term of up to 4 years.
The Police have zero tolerance for loanshark activities. Anyone who deliberately cause annoyance and disruptions to public safety, peace and security, 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 loansharking activities.
Source: Singapore Police Force