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Man Arrested For Loansharking Activities

by January 12, 2018 Industry

The Police have arrested a 20-year-old man for his suspected involvement in loansharking activities.

On 9 January 2018, Police received a report informing that the door to a residential unit at Blk 717 Woodlands Street 41 was locked up with a bicycle chain and a debtor’s note was also placed outside the unit. Through extensive ground enquiries and aid of images from Police Cameras, Police identified and arrested the suspect at Tampines Street 72 on 12 January 2018. Preliminary investigations revealed that the suspect is believed to have carried out similar acts of harassment at Jurong West, Buangkok Crescent and Serangoon housing estates. A mobile phone, apparels and a bicycle lock with keys were seized as case exhibits.

The suspect will be charged in Court on 13 January 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.

Source: Singapore Police Force