The Police have arrested a 40-year-old man for his suspected involvement in loansharking activities.
On 12 February 2017 at about 8.44am, officers from the Public Transport Security Command spotted a man behaving suspiciously in the vicinity of Woodlands Square and conducted a check on him. He was subsequently arrested for his involvement in loansharking activities. Preliminary investigations revealed that the suspect had assisted to procure Automated Teller Machine (ATM) cards from debtors to perform fund transactions. Eight ATM cards, one mobile phone and a stack of transaction receipts were seized as case exhibits.
Investigations against the suspect case are ongoing.
Under the Moneylenders Act (Revised Edition 2010). First-time offenders found guilty of assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning not more than six strokes.
Source: SINGAPORE POLICE FORCE