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Tuesday, February 18th, 2020

MAN ARRESTED FOR ASSISTING IN THE BUSINESS OF UNLICENSED MONEYLENDING

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by January 13, 2020 General

The Police have arrested a 18-year-old man for his suspected involvement in a case of assisting in the business of unlicensed moneylending.

On 13 January 2020, while patrolling at the vicinity of Punggol Field, officers from Punggol Neighbourhood Police Centre conducted a check on the 18-year-old-man and arrested him for assisting in carrying on the business of unlicensed moneylending. Preliminary investigations revealed that the man is believed to have assisted unlicensed moneylenders to advertise loans on a mobile messaging app and provided information of potential customers who responded to his messages to them.

Police investigations are ongoing. Under the Moneylenders Act (Revised Edition 2010), first time offenders found guilty of assisting in the business of unlicensed moneylending shall be fined not less than $30,000 and not more than $300,000 and with imprisonment for a term not exceeding 4 years.

The Police have zero tolerance for loansharking activities. Those who deliberately vandalise properties or cause annoyance and disruption to public safety, peace and security, will be dealt with severely in accordance with the law.

Members of the public are advised to stay away from loansharks and not work with or assist them in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in loansharking activities.

Source: Singapore Police Force

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