SINGAPORE - Police have arrested two men suspected to be involved in unlicensed moneylending activities.
Acting on information received, officers from the Ang Mo Kio Division on Feb 1 started investigating a 47-year-old man believed to have extended loans that drew interest though he did not have a licence to do so.
He also allegedly held on to his debtors' passports or work permits until their loans were fully repaid. Cash amounting to $17,000, passports, work permits, one laptop and handphones were seized.
On Feb 11, police received a call that a unit at Rivervale Crescent had been splashed with paint and loan shark-related graffiti scrawled on the wall.
Checking around the area, officers from the Ang Mo Kio Division found a 38-year-old man behaving suspiciously, with loan shark paraphernalia such as gloves, a mask and markers on him. Preliminary investigations revealed he may also be involved in similar cases in Bedok.
First-time offenders found guilty of unlicensed moneylending could be fined between $30,000 and $300,000 and jailed for up to four years.
First-time offenders found guilty of loan shark harassment shall be fined between $5,000 and $50,000 with mandatory imprisonment of up to five years and mandatory caning of up to six strokes.