SINGAPORE: A 30-year-old man has been arrested for his suspected involvement in loan-sharking activities, the police said in a news release on Thursday (Nov 7).
The police said they were alerted on Nov 5 to two separate cases of loan shark harassment at residential units along West Coast Road and Ang Mo Kio Avenue 5.
In both cases, the doors of the units were set on fire.
Following investigations, officers from the Criminal Investigation Department, Clementi Police Division and Ang Mo Kio Police Division identified the man and arrested him the following day.
The man will be charged in court on Nov 8 under the Moneylenders Act.
If found guilty of loan shark harassment, first time offenders face a maximum fine of S$50,000, with mandatory imprisonment of up to five years, and mandatory caning of up to six strokes.
In the case of a second or subsequent conviction, offenders shall be liable to a fine of not less than S$6,000, and not more than S$60,000, with mandatory imprisonment of between two to nine years, and mandatory caning of up to 12 strokes.
The police said that they have zero tolerance against loan shark harassment activities.
“Those who cause hurt, endanger lives, deliberately vandalise properties, or cause annoyance and disruptions to public peace and security will be arrested and dealt with severely in accordance with the law,” they added.
Members of the public are advised to stay away from loan sharks and not to work with or assist them in any way.
The public can call the police or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in illegal loansharking activities.