Police arrest two for suspected loanshark activities

Police have arrested a 24-year-old man and a 55-year-old woman for their alleged involvement in loanshark activities. -- PHOTO: ST FILE
Police have arrested a 24-year-old man and a 55-year-old woman for their alleged involvement in loanshark activities. -- PHOTO: ST FILE

SINGAPORE - Police have arrested a 24-year-old man and a 55-year-old woman for their alleged involvement in loanshark activities.

The female suspect, arrested in Woodlands on Monday, is believed to be a debtor-turned-runner. Preliminary investigations showed that she helped the loanshark syndicates obtain bank cards and their PINs from other debtors. Upon her arrest, three cards and one handphone were seized in connection to the case.

On the same day, the male suspect - also arrested in Woodlands - is understood to have assisted the loanshark syndicate by opening a bank account and giving away his bank card and PIN.

The woman will be charged in State Courts on Wednesday, while investigations are still ongoing for the man's case.

Under the Moneylenders Act 2010 (Revised Edition), first-time offenders found guilty of unlicensed moneylending or helping unlicensed moneylenders could be fined a minimum of $30,000 and up to $300,000, be jailed up to four years and receive up to six strokes of the cane.