SINGAPORE - Two men have been arrested for their suspected involvement in loansharking activities, the police said.

The suspects, aged 23 and 38, allegedly carried out several acts of harassment in Pasir Ris, Woodlands and Ang Mo Kio housing estates by splashing paint on debtors' units and letter boxes, as well as scrawling loanshark-related graffiti on the walls.

Officers from the Bedok division established the identities of the two suspects after receiving a report of loanshark harassment at Pasir Ris Street 72 on Sept 22.

They were arrested along Anchorvale Road on Tuesday (Oct 6), and two mobile phones containing suspected debtors' records and two markers were seized as case exhibits.

Both suspects will be charged in Court on Thursday (Oct 8) under the Moneylenders Act.

First time offenders found guilty of loanshark harassment face fines of between $5,000 and $50,000, with mandatory imprisonment of up to five years and mandatory caning of up to six strokes.