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SINGAPORE : Six men aged between 26 and 34 years old have been arrested for suspected involvement in loansharking activities, after police conducted an islandwide operation on loanshark syndicates on Wednesday.
The areas targeted included Hougang, Punggol, Novena, Jurong East and Woodlands.
Cash amounting to S$210,000 and an assortment of laptops, documents and mobile phones were seized.
The syndicate is believed to have over 400 debtors under its fold.
Four of the men will be charged in court on Friday.
First-time offenders found guilty of operating a business as an unlicensed moneylender may be fined up to S$200,000 or jailed up to two years, or both.
Repeat offenders face a fine of up to S$200,000, and may be jailed for up to five years if convicted. - CNA /ls
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