POLICE have smashed a second loansharking syndicate within a week and arrested 10 for suspected involvement.

The suspects - nine men and a woman, aged between 26 and 45 years - were nabbed in an island-wide operation carried out on Thursday morning.

Last Sunday, seven suspects were caught when police busted a loansharking ring as part of a series of enforcement actions against loansharks.

In Thursday's operation, officers from the Criminal Investigation Department and Police Intelligence Department arrested the suspects during raids conducted at several locations including Bedok, Bukit Batok, Ang Mo Kio, Geylang, Bukit Batok, Yishun and Haig Road.

Items seized included $9,000 in cash, laptops, mobile phones, computer storage devices, ATM cards and bank transaction slips.

Preliminary investigations indicated that the syndicate is believed to have about 500 debtors linked to it and is believed to be responsible for more than 900 cases of harassment. Investigations are still on-going.

Assistant Director of the Specialised Crime Division, Criminal Investigation Department, Superintendent of Police Goh Lam Kiong, praised the officers for smashing the syndicate.

He said: 'This is the second loansharking syndicate busted in a week. Police will not let up on our efforts in coming down hard on the loansharking syndicates. Persons who cause damage to property or hurt others while committing harassment are also liable for caning - and this includes loansharks and those directing such harassment.'

First-time offenders found guilty of operating or assisting a business as an unlicensed moneylender can be fined from $20,000 to $200,000 or jailed up to two years, or both. Repeat offenders face a fine of up to $200,000 and mandatory jail term of up to five years.

First-time offenders found guilty of loanshark harassment - including loansharks who direct such harassment - may be fined from $4,000 to $40,000, or jailed up to three years, or both. They are also liable for caning if any damage to property or hurt to persons was caused while committing the harassment.