A MAN was arrested on Wednesday for his suspected involvement in a series of loansharking activities.
The 22-year-old is also suspected to be a debtor who assisted the loansharks to pay off his debt.
The suspect was arrested at his Bukit Batok home by officers from the Ang Mo Kio division.
Cash amounting to $9,000, a handphone, an assortment of ATM and SIM cards, bank transaction receipts and photocopies of identity cards of debtors were also seized.
Initial investigations showed that the suspect was believed to have borrowed money from the loanshark and ended up helping to collect repayments from other debtors. He deposited the money in the designated bank accounts via electronic fund transfers.
The suspect will be charged in Court on Friday for assisting in the business of an unlicensed moneylender.
First-time offenders found guilty of this offence face a fine of up to $200,000 or jail term of up to two years, or both.
