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Man Arrested For Loanshark Harassment Activities

by March 14, 2018 Technology

The police have arrested a 24-year-old man for his suspected involvement in loanshark harassment activities.

On 7 March 2018, the police were alerted to a case of loanshark harassment where a debtor note was placed at the gate of a residential unit at Woodlands Drive 62. Through extensive ground enquiries and images from police cameras, officers from Jurong Police Division established the identity of the man and arrested him along Upper Serangoon Road on 13 March 2018. Preliminary investigations revealed that the man is believed to be involved in several other cases of loanshark harassment island wide and had also used his personal ATM card to facilitate unlicensed moneylending transactions.

The man will be charged in Court on 15 March 2018 under the Moneylenders Act 2010 (Revised Edition). Under the Moneylenders Act (Revised Edition 2010), first-time offenders found guilty of loanshark harassment shall be fined not less than $5,000 and not more than $50,000 with mandatory imprisonment of up to 5 years and mandatory caning of up to 6 strokes. First-time offenders found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending may be fined not less than $30,000 and not more $300,000, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning of not more than 6 strokes.

Source: Singapore Police Force