SINGAPORE : Seventeen suspected loansharks were arrested on Thursday for issuing unlicensed loans, making it the year's biggest moneylending syndicate arrest.

The arrests followed raids early Thursday morning in Bedok, Hougang, Tampines, Jurong, Aljunied, Pasir Ris and Changi.

Among the items seized were S$200,000 in cash, two fax machines, eight laptops and computers, 29 handphones, thumbdrives, and ATM cards.

The syndicate is believed to have illegally loaned out some S$500,000 in total. The loansharks were suspected of providing weekly loans at a flat interest rate of 20%.

The 14 men and 3 women, aged between 32 and 60, were nabbed after three months of investigations by the CID's Police Intelligence Department.

All are Chinese, except for a Thai permanent resident who is the wife of one of the suspects.

Police said they managed to arrest the head of the syndicate, a 48-year-old Chinese man, who is a company director.

"The public should be aware of the dangers and risks of taking loans from loansharks. I would advise members of the public to refrain from taking loans from loansharks," said Wong Choong Mann, Assistant Director of the Criminal Investigation Department.

If convicted, the suspects can be fined up to S$200,000 and jailed up to six years. - CNA/ 938LIVE /ls