39-year-old man arrested for loan-sharking activities
Published on Jul 13, 2014 9:54 AM
SINGAPORE - Police arrested a 39-year-old man for loan-sharking activities on Friday.
He was picked up at about 8pm near Block 501, Bishan Street 11, on suspicion of helping a loanshark syndicate procure Automated Teller Machine (ATM) cards and pin numbers. He was carrying four ATM cards when arrested.
The man will be charged on Monday under the Moneylenders Act 2010 (Revised Edition). First-time offenders will be jailed up to four years, fined between $30,000 and $300,000 and caned up to six times.