POLICE have busted a second loan-shark syndicate this month, arresting 10 people for alleged involvement in illegal moneylending.
The 10, nine of them men, were nabbed in an islandwide raid conducted early Thursday morning.The suspects, aged between 26 and 45, are believed to be part of a syndicate linked to about 500 debtors, and which is responsible for over 900 cases of harassment.
Police also seized items including $9,000 cash, computer equipment, cellphones and bank slips.
This is the second such breakthrough for police within a week.
On July 1, seven men suspected of being part of another loan-shark syndicate were nabbed. Another major ring with more than 5,000 debtors was also smashed last month, with 19 people arrested. The spate of arrests is part of a series of enforcement actions taken against loan sharks.
It comes amid a sharp rise in the number of loan-shark harassment cases - nearly 4,000 surfaced in the first three months of this year, double the figure in the same period last year.
Superintendent Goh Lam Kiong, the assistant director of the specialised crime division at the Criminal Investigation Department, said police will continue their efforts to come down hard on these unlawful syndicates.
First-time offenders found guilty of loan-shark activities may be fined up to $200,000 and jailed for up to two years. Those found guilty of loan-shark harassment may be fined up to $40,000 and jailed for up to three years. They may also be caned if they had hurt anyone or caused property damage during their activities.
