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114 arrested for loansharking activities

SINGAPORE — A total of 114 suspects, aged between 17 and 67, were nabbed for their alleged involvement in loansharking activities, the Singapore Police Force said in a news release on Thursday (March 30).

Reuters file photo

Reuters file photo

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SINGAPORE — A total of 114 suspects, aged between 17 and 67, were nabbed for their alleged involvement in loansharking activities, the Singapore Police Force said in a news release on Thursday (March 30).

Preliminary investigations revealed that 23 suspects had allegedly assisted in loansharking activities by carrying out Automated Teller Machine (ATM) transfers and collecting debts in person.

Two other suspects were believed to have committed loanshark harassment acts by splashing paint and scrawling loanshark-related graffiti on walls.

The remaining suspects allegedly facilitated unlicensed moneylending businesses by opening bank accounts and giving away ATM cards and Personal Identification Numbers (PINs) to loansharks.

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

Investigations are still ongoing.

According to the police, first-time offenders found guilty of carrying on or assisting with the business of unlicensed moneylending may be fined between S$30,000 and S$300,000, be imprisoned for a term of up to four years, and liable to be punished with up to six strokes of caning.

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 of up to five years, a fine of between S$5,000 and S$50,000, and shall also be liable to caning of between three and six strokes.

Any person who is guilty of providing false contact information to obtain loans from loansharks shall be liable upon conviction to imprisonment for a term of up to 12 months.

Members of the public are advised to stay away from unlicensed moneylending activities.

They can also contact the Police at 999 or the X-Ah Long hotline at 1800-924-5664 if they are aware of anyone who may be involved in illegal loansharking activities.

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