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SINGAPORE: Police arrested seven male Singaporean Chinese on Wednesday for suspected involvement in a loansharking syndicate. The suspects are aged between 23 and 38 years old.
Preliminary investigations have indicated that the syndicate is linked to an estimated 350 loanshark harassment reports islandwide.
Officers from the Criminal Investigation Department and Police Intelligence Department identified and arrested five of the suspects in a raid on several locations.
These included Senja Road, Jurong Point, Yung Ping Road, Redhill Close and areas in Yio Chu Kang.
The other two suspects were arrested at Woodlands Checkpoint as they were returning to Singapore. The syndicate is believed to operate overseas as well.
Officers seized handphones, computers and suspected debtor records for investigation.
Three of the suspects have been released on bail, while the rest are still undergoing investigations.
First-time offenders found guilty of operating or assisting a business as an unlicensed moneylender can be fined up to S$200,000 or face up to two years' imprisonment, or both.
Repeat offenders will be fined up to S$200,000 and face mandatory imprisonment of up to five years.
First-time offenders guilty of loanshark harassment, including loansharks who direct such harassment, will be fined between S$4,000 and S$40,000, or face up to three years' imprisonment, or both.
They are also liable for caning if any damage to property or hurt to persons was caused while committing the harassment.
- CNA/so
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