TEN suspects - nine men and a woman - were arrested in an islandwide operation carried out by police on Thursday and Friday to crack down on loan sharking activities.
During the seven-hour blitz, raids were conducted simultaneously at various housing estates in locations such as Elias Road, Whampoa, Ghim Moh Road, Teck Whye Lane, Clementi, Jurong and Boon Lay. Loan shark paraphernalia such as ATM cards, bank statements and bank slips were seized.
Preliminary investigations indicated that the suspects, aged 18 to 59 years, are believed to have handed over their bank accounts and ATM cards to unlicensed moneylending syndicates in return for monetary gains. Four of the suspects are also believed to be debtors-turned-runners. Investigations are still ongoing.
Under the Moneylenders Act 2008, when a bank account or automated teller machine (ATM) card of any person is proved to have been used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, the offender shall be presumed, until the contrary is proved, to have assisted in the carrying on of the business of an unlicensed moneylender.
First-time offenders found guilty of operating as loansharks or assisting loansharks in their business face fine of up to $200,000 or jail of up to two years or to both. Repeat offenders can be fined up to $200,000 and jailed for up to five years.
Said Commander of Ang Mo Kio Police Division HQ, Deputy Assistant Commissioner of Police Hsu Sin Yun: 'By surrendering their bank accounts to the unlicensed moneylenders, these bank account holders are actually helping the syndicate to evade police detection. Police will not hesitate to take action against such perpetrators.'
