SINGAPORE - Police have arrested a 58-year-old man on suspicion of involvement in loan shark syndicates.

The man was nabbed near Gangsa Road on Wednesday evening by officers from the Bukit Batok Neighbourhood Police Centre.

Preliminary investigations revealed that the suspect is a debtor-turned-runner. He is believed to have used ATM cards and PIN numbers of other debtors to perform ATM transactions related to unlicensed moneylending businesses.

He is also believed to have assisted the syndicates in verifying the identities of potential borrowers and subsequently handed over money to them.

Upon his arrest, police seized two ATM cards and two mobile phones in connection to the case.

He will be charged in Court on Friday. Under the Moneylenders Act, first time offenders found guilty of assisting in the business of an unlicensed moneylender, can be fined between $30,000 and $300,000, jailed for up to four years and receive up to six strokes of the cane.