Two arrested for involvement in loansharking activities

Police have arrested two men for suspected involvement in loansharking activities in two separate cases.

In the first case, officers from Ang Mo Kio Police Division arrested a 24-year-old suspect in the vicinity of Yishun Central on at about 11am on Tuesday. Preliminary investigations showed that the suspect had used his personal bank accounts to assist loansharks to transfer money to borrowers and receive payments from the loansharks.

The police are investigating him for assisting in the carrying on of the business of an unlicensed moneylender.

The second case took place at about 8.30pm the same day. Responding to a call from a resident, officers from Ang Mo Kio Police Division arrested a 46-year-old suspect in the vicinity of Yishun Ring Road.

Preliminary investigations indicate that the suspect is a debtor-turned-runner and had assisted loansharks to check on debtors' units. It was also established that the suspect had assisted loansharks to perform fund transfers by carrying out electronic fund transactions.

First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less than $30,000 and not more than $300,000. They will also be imprisoned for a term not exceeding four years and shall be liable for caning with not more than 6 strokes.

Commander of Ang Mo Kio Police Division, Assistant Commissioner of Police Keok Tong San, commended his officers for their perseverance and commitment in the fight against loansharking activities. He said, "Police are determined to come down hard on all those who are involved in loansharking activities, regardless of their age or gender."

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