Man arrested in Hougang for suspected loanshark activities
Published on Feb 20, 2014 10:36 PM
A 26-year-old-man has been arrested for suspected involvement in loanshark activities in Hougang.
Officers from the Hougang Neighbourhood Police Centre arrested the suspect near Hougang Avenue 9 at about 9.10 pm on Wednesday. He had given his ATM card and Personal Identification Number to a loansharking group to facilitate unlicensed moneylending, according to preliminary police investigations.
Under the Moneylenders Act, first-time offenders found guilty of helping carry on the business of an unlicensed moneylender may be fined between $30,000 and $300,000, jailed for as much as four years and be liable for up to six strokes of the cane.
Assistant Commissioner of Police Keok Tong San, commander of Ang Mo Kio Police Division, commended his officers on their efforts against loansharking activities. The police will come down hard on anyone involved in loansharking activities, regardless of their age or gender, he added.