An island-wide anti-loansharking crackdown last week resulted in the arrest of 84 men and 43 women aged between 17 and 67, all of whom are believed to be involved in loansharking activities.
The operation saw officers from the Criminal Investigation Department (CID) and six Police land divisions conduct simultaneous raids at multiple locations across Singapore from Jan 6 to Jan 8.
Their offences include carrying out ATM transfers or obtaining ATM cards for the loanshark syndicates' usage, harassment by splashing paint and scrawling loanshark-related graffiti on walls and providing false contact information. Most of the those arrested however are believed to have opened bank accounts and gave away ATM cards and Personal Identification Numbers to loansharks to facilitate their unlicensed moneylending businesses.
When a bank account or ATM card is used in the facilitation of unlicensed moneylending, the individual is presumed to be an accomplice, according to the Moneylenders' Act.
Those found guilty of aiding the syndicate may be fined up to $300,00, imprisoned for up to five years and receive up to six strokes of the cane.
Photo: Bernard Oh via Flickr
An island-wide anti-loansharking crackdown last week resulted in the arrest of 84 men and 43 women aged between 17 and 67, all of whom are believed to be involved in loansharking activities.
The operation saw officers from the Criminal Investigation Department (CID) and six Police land divisions conduct simultaneous raids at multiple locations across Singapore from Jan 6 to Jan 8.
Their offences include carrying out ATM transfers or obtaining ATM cards for the loanshark syndicates' usage, harassment by splashing paint and scrawling loanshark-related graffiti on walls and providing false contact information. Most of the those arrested however are believed to have opened bank accounts and gave away ATM cards and Personal Identification Numbers to loansharks to facilitate their unlicensed moneylending businesses.
When a bank account or ATM card is used in the facilitation of unlicensed moneylending, the individual is presumed to be an accomplice, according to the Moneylenders' Act.
Those found guilty of aiding the syndicate may be fined up to $300,00, imprisoned for up to five years and receive up to six strokes of the cane.
Photo: Bernard Oh via Flickr