19 arrested for suspected loansharking activities in islandwide raid
By Channel NewsAsia | Posted: 15 June 2009 2042 hrs
SINGAPORE: Police have arrested 19 people for suspected involvement in a loansharking syndicate, making this the largest number of loansharking-related arrests resulting from a single operation this year.
18 men and a woman, aged between 19 and 40 years old, were taken into custody following an island-wide operation early Monday morning,
Officers from the Criminal Investigation Department and the Police Intelligence Department raided various locations and seized more than S$35,000 in cash.
Other items seized included computers, mobile phones, storage media and suspected debtor records.
Police said preliminary investigations indicate that the loansharking syndicate was also involved in loanshark-related harassment in connection with the illegal loans.
First-time offenders found guilty of operating a business as an unlicensed moneylender may be fined at least S$20,000 and up to S$200,000, jailed a maximum of two years, or both.
Repeat offenders face mandatory imprisonment of up to five years, including a fine of up to S$200,000.
Persons found guilty of loanshark harassment may be fined at least S$4,000 and up to S$40,000, or jailed up to three years, or both.
They could also be caned if any damage to property or hurt to persons was caused while committing the acts of harassment.
- CNA/yb
From ChannelNewsAsia.com; see the source article here.
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