SINGAPORE - A man suspected of allowing a loanshark syndicate to use his ATM cards for its business has been arrested by the police.

Officers from the Ang Mo Kio Police Division arrested the 40-year-old man at Sengkang Square on Sunday night at about 10pm.

Investigations are ongoing.

First-time offenders found guilty of helping an unlicensed moneylender may be fined at least $30,000, jailed up to four years, and receive a maximum of six strokes of the cane.