Man in debt arrested for loanshark activities
Posted: 16 April 2009 2255 hrs

	Photos  of

Singapore: A 22-year-old man who was in debt has been arrested for suspected involvement in a series of loansharking activities. It's believed he worked for the loansharks he had borrowed money from to pay off his debts.

Officers from the Ang Mo Kio Police Division HQ who cracked the case after receiving information on loansharking activities, were able to identity the suspect after investigations and arrested the man at his home in Bukit Batok.

Found on the man was cash amounting to $9,000/-, an assortment of ATM and SIM cards, bank transaction receipts and photocopies of identity cards of people with debts.

The suspect is believed to have borrowed money from loansharks and assisted in collecting repayments from other debtors which he deposited into designated bank accounts via electronic fund transfers.

If found guilty, the man faces a fine of up to $200,000 or jail of up to two years or both for the offence of assisting in the business of an unlicensed moneylender.

Warning people against becoming involved in unlicensed moneylending activities to pay off debts Superintendent Hsu Sin Yun of Ang Mo Kio Police Division HQ said the police will continue to exert pressure on those involved in loansharking activities.

Earlier in the day, Singapore's Home Affairs Ministry revealed that it may make borrowing from loansharks an offence in the country.

Deputy Prime Minister and Home Affairs Minister Wong Kan Seng who said this at the annual Police Workplan seminar on Thursday, pointed out that while overall crime rates have fallen in the first three months of 2009, the number of unlicensed moneylending harassment cases have almost doubled.

-CNA/sf