SINGAPORE - Two men, aged 38 and 46, have been arrested for suspected loansharking activities in two separate cases.
The 38-year-old was arrested near Segar Road in Bukit Panjang on Nov 5 after investigations into reports of loansharking activities. The suspect, a debtor-turned-runner, is believed to have helped loanshark syndicates to verify borrowers' identities before issuing unlicensed loans. One mobile phone related to the case was seized after he was arrested.
Investigations are still on-going.
The second arrest was made at Saint George's Avenue near the Lavender area. The 46-year-old suspect, believed to be a debtor-turned-harrasser, had been helping loanshark syndicates harass debtors by splashing paint on debtors' main doors as well as by scribbling loanshark-related graffiti on the walls of debtors' residences.
A mobile phone related to the case was seized for investigation as well.
He will be charged in the State Courts on Nov 7. Under the revised Moneylenders Act 2010 , first-time offenders found guilty of unlicensed moneylending or assisting in the business face a fine between $30,000 and $300,000. They also face a maximum of four years' jail term and six strokes of the cane.
First-time offenders found guilty of loanshark harassment can be punished with up to five years' jail, a fine between $5,000 and $50,000, and three to six strokes of the cane.