Two men arrested for suspected involvement in loansharking activities

Two men who are believed to have owed money to loansharks were arrested on Tuesday for their suspected involvement in loanshark activities.

A 33-year-old man was taken away by crime strike force officers from the Jurong West Neighbourhood Police Centre near Jurong East Central on Tuesday. He was suspected of helping loanshark syndicates collect ATM cards and Personal Identification Numbers for unlicensed moneylending. The police, who had received a tip-off, seized four ATM cards and one mobile phone from him.

Meanwhile, officers from Woodlands East Neighbourhood Police Centre arrested a 37-year-old man near Ubi Road on Tuesday evening through follow-up investigations. The man had helped loanshark syndicates collect name cards and stickers promoting unlicensed moneylenders. Boxes of these were found in his possession.

Preliminary investigations found that the suspects were both debtors. One had turned into a runner, the other a helper for loanshark groups.

Under the Moneylenders Act, first-time offenders guilty of helping in the business of an unlicensed moneylender may be fined between $30,000 and $300,000. They may also be jailed for up to four years and be liable for up to six strokes of the cane.

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